Question

In: Statistics and Probability

Classified ads in a newspaper offered several used toyota corollas for sale. Listed below are the...

  1. Classified ads in a newspaper offered several used toyota corollas for sale. Listed below are the ages of the cars and the advertised prices.

Age (yrs)

Price

1

$        13,990

1

$        13,495

3

$        12,999

4

$          9,500

4

$        10,495

5

$          8,995

5

$          9,295

6

$          6,999

7

$          6,950

7

$          7,850

8

$          6,999

8

$          5,995

10

$          4,950

10

$          4,495

13

$          2,850

  1. Make a scatterplot of the data. Do you think a linear model is appropriate? Explain. (1 point)
  2. Find the equation of the regression line. (use the data analysis tool in excel) (1 Point)
  3. Explain the meaning of the 95% confidence interval for the coefficient of the slope. (1 point)
  4. Based on your model, what is the predicted price for a 9 year old Toyota Corolla? What is the 95% confidence interval and 95% prediction interval?(3 point)

Solutions

Expert Solution

Part a)

Part b)

Regression output confidence interval
variables coefficients std. error    t (df=13) p-value 95% lower 95% upper std. coeff.
Intercept 14,263.9115 449.5861 31.727 1.06E-13 13,292.6397 15,235.1833 0.000
X -957.6269 64.7127 -14.798 1.63E-09 -1,097.4301 -817.8237 -0.9720

Equation of regression line becomes Ŷ = 14263.9115 + -957.6269 X

part c)

We are 95% confident that the true value of slope will lies within the interval ( 13292.64 , 15235.2 ).

Part d)

Predicted values for: Y
95% Confidence Interval 95% Prediction Interval
X Predicted lower upper lower upper Leverage
9 5,645.270 5,038.024 6,252.516 3,776.921 7,513.618 0.118

orchestra answered 2 years ago
Next > < Previous

Related Solutions

Classified ads at a certain website offered several used cars of a certain make and model....
Classified ads at a certain website offered several used cars of a certain make and model. The accompanying table lists the ages of the cars and the advertised prices. Complete parts​ a) through​ g) below. Age (years)   Price (dollars) 1   16,000 2   14,800 3   14,800 3   14,900 3   12,900 3   13,000 4   16,200 4   12,900 4   12,300 4   10,500 4   8,000 5   14,500 5   12,300 5   11,100 5   10,000 6   11,800 6   11,000 6   10,800 6   9,800 6   8,500 7  ...
On October 17, 2007, the classified ads on the web site of The Seattle Times listed...
On October 17, 2007, the classified ads on the web site of The Seattle Times listed the following 13 used Toyota Prius automobiles for sale; the data set below shows the year, color, mileage (in miles) and asking price (in U.S. dollars) for each car: year color mileage price 2006 green 17043 25995 2007 gray 12628 24980 2005 maroon 24039 24885 2005 silver 48226 23995 2006 black 10522 22995 2004 silver 66345 21995 2007 white 5611 21995 2005 gold 24479...
On October 17, 2007, the classified ads on the web site of The Seattle Times listed...
On October 17, 2007, the classified ads on the web site of The Seattle Times listed the following 13 used Toyota Prius automobiles for sale; the data set below shows the year, color, mileage (in miles) and asking price (in U.S. dollars) for each car: year color mileage price 2006 green 17043 25995 2007 gray 12628 24980 2005 maroon 24039 24885 2005 silver 48226 23995 2006 black 10522 22995 2004 silver 66345 21995 2007 white 5611 21995 2005 gold 24479...
Listed below are the weights (in grams) of a sample of M&M's Plain candies, classified according...
Listed below are the weights (in grams) of a sample of M&M's Plain candies, classified according to color. Red Orange Yellow Brown Tan Green 0.946 0.902 0.929 0.896 0.845 0.935 1.107 0.943 0.960 0.888 0.909 0.903 0.913 0.916 0.938 0.906 0.873 0.865 0.904 0.910 0.933 0.941 0.902 0.822 0.926 0.903 0.932 0.838 0.956 0.871 0.926 0.901 0.899 0.892 0.959 0.905 1.006 0.919 0.907 0.905 0.916 0.905 0.914 0.901 0.906 0.824 0.822 0.852 0.922 0.930 0.930 0.908 0.965 1.052 0.883 0.952...
Several specific audit procedures are listed below. For each item, identify the type of procedure listed...
Several specific audit procedures are listed below. For each item, identify the type of procedure listed and which of the assertions is being addressed by the procedure. (a) Examine a list of investment securities held by the client’s trustee. (b) For a sample of transactions posted to the client’s accounts payable subsidiary ledger, examine supporting purchase orders and receiving reports agreeing amounts and information. (c) Send a written request to the client’s customer for verification of the amount owed to...
Intubation involves several steps, not all are listed below - but these are the highlights. Pick...
Intubation involves several steps, not all are listed below - but these are the highlights. Pick the best sequence of events in the correct order: 1- Visualize the chords, suction, intubate, inflate balloon, attach ventilator, check capnography, portable chest Xray. 2- Suction, Visualize the chords, intubate, inflate balloon, check capnography, attach ventilator, portable chest Xray. 3- Visualize the chords, intubate, inflate balloon, suction, check capnography, portable chest Xray, attach ventilator. 4- None of the above are correct sequences.
Listed below are the price and quantity of several golf items purchased by members of the men’s
Listed below are the price and quantity of several golf items purchased by members of the men’s golf league at Indigo Creek Golf and Tennis Club for 2012 and 2016.   a. Determine the simple aggregate price index, with 2012 as the base period. b. Determine a Laspeyres price index. c. Determine the Paasche price index. d. Determine a value index.
Antibiotics work by five major mechanisms. These are listed below. Several of these are obviously tied...
Antibiotics work by five major mechanisms. These are listed below. Several of these are obviously tied to our recent discussions of the genetic code. For each of the five mechanisms below, find an antibiotic that fits that category, and describe the disease it treats, and how it works: 1. Inhibition of Cell Wall Synthesis (most common mechanism) 2. Inhibition of Protein Synthesis (Translation) (second largest class) 3. Alteration of Cell Membranes 4. Inhibition of Nucleic Acid Synthesis 5. Antimetabolite Activity
1- Prepare a properly classified and labeled balance sheet statement using the items listed below. Accumulated...
1- Prepare a properly classified and labeled balance sheet statement using the items listed below. Accumulated depreciation.....................................................      960,400 Retained earnings..................................................................      560,000 Cash.......................................................................................      250,140 Bonds payable.......................................................................      240,000 Accounts receivable...............................................................      420,400 Plant and equipment—original cost....................................... 2,998,800 Accruals…………………………………………………….      224,600 Accounts payable...................................................................      314,210 Allowance for bad debts.......................................................        30,334 Common stock, $1 par…....................................................... Calculate this value Inventory...............................................................................      410,700 Preferred stock, $10 par ........................................................      600,000 Investments in short-term marketable securities....................        90,200 Investments in long-term debt...
Computing the Proceeds from the Sale of Notes Receivable Below are several customer notes receivable that...
Computing the Proceeds from the Sale of Notes Receivable Below are several customer notes receivable that were sold without recourse. An $8,000, 60-day, non-interest-bearing note sold after 15 days at 12%. A $10,000, 12%, 60-day note sold after 30 days at 14%. A $4,000, 10%, 90-day note sold after 30 days at 12%. A $10,000, 12%, 120-day note sold after 45 days at 15%. Required: Determine the proceeds from each of the preceding sales of customer notes receivable. (Assume a...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT