4. The data below shows the price data for 10 used cars from well-known brands, along with...
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4. The data below shows the price data for 10 used cars from well-known brands, along with the variable age of the car (years), and the distance traveled (000km) from the car.
Age of the car (years) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
The distance traveled (000km) | 8,1 | 17,0 | 12,6 | 18,4 | 19,5 | 29,2 | 40,4 | 51,6 | 62,6 | 80,1 |
Price (hundred million) | 5,4 | 4,8 | 5,0 | 4,0 | 3,7 | 3,2 | 3,2 | 2,7 | 1,9 | 1,5 |
use multiple regression analysis for
a. Determine the regression model for car prices using mileage and age variables.
b. Determine model testing with 2 types of testing.
c. Determine R^2 (coefficient determination) and explain what it means.
d. Provide interpretation of the coefficient of the two independent variables.
Related Book For
Numerical Methods for Engineers
ISBN: 978-9352602131
7th edition
Authors: Steven C. Chapra, Raymond P. Canale
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