Suppose Cars.com would like to describe the linear relationship between the odometer mileage of a used 2010 Ford Explorer and its asking price. The Excel file Explorer. xlsx contains data for these variables for 40 used 2010 Explorers currently on the market. Use Excel and PHStat to answer the following questions:
a. Construct a scatter plot for these data.
b. Identify the slope and the y intercept for the regression equation.
c. Provide an interpretation for the value of the slope.
d. Is the linear relationship between mileage and asking price statistically significant using α = 0.05?
e. Identify the 95% confidence interval for the slope and interpret the results.
f. Construct a 95% confidence interval for the average asking price for Explorers with 36,000 miles on their odometers.
g. Construct a 95% prediction interval for the asking price for an Explorer with 36,000 miles on its odometer.