# Question

Millions of boats are registered in the United States. As is the case with automobiles, there is an active used-boat market. Many of the boats purchased require bank financing, and, as a result, it is important for financial institutions to be capable of accurately estimating the price of boats.

One variable that affects the price is the number of hours the engine has been run. To determine the effect of the hours on the price, a financial analyst recorded the price (in $1,000s) of a sample of 2007 24-foot Sea Ray cruisers (one of the most popular boats) and the number of hours they had been run. Determine the least squares line and explain what the coefficients tell you.

One variable that affects the price is the number of hours the engine has been run. To determine the effect of the hours on the price, a financial analyst recorded the price (in $1,000s) of a sample of 2007 24-foot Sea Ray cruisers (one of the most popular boats) and the number of hours they had been run. Determine the least squares line and explain what the coefficients tell you.

## Answer to relevant Questions

In an attempt to determine the factors that affect the amount of energy used, 200 households were analyzed. In each, the number of occupants and the amount of electricity used were measured. Determine the regression line and ...You have been given the following data:a. Draw the scatter diagram. Does it appear that x and y are related? If so, how?b. Test to determine whether there is evidence of a linearrelationship.Refer to Exercise 16.7. Apply the three methods of assessing the model to determine how well the linear model fits.Refer to Exercise 16.15.a. Determine the coefficient of determination and describe what it tells you.b. Conduct a test to determine whether there is evidence of a linear relationship between house-hold income and food budget.In the Chapter 16 opening example, we analyzed the relationship between income and education using the 2012 General Social Survey of 2012. Conduct a similar analysis using the 2008 American National Election Survey.Post your question

0