Question: Again referring to Exercise 11.57, find the sample correlation coefficient between age and selling price. What proportion of the variability in price is explained by

Again referring to Exercise 11.57, find the sample correlation coefficient between age and selling price. What proportion of the variability in price is explained by the fitted straight line? Comment on the adequacy of the straight line fit.
Exercise 11.57
A top Internet site features used cars for sale. The age, x, measured in years and the price, y, expressed in thousands of dollars was recorded from a sample of listings for a popular midsize foreign car.

(a) Plot the scatter diagram.
(b) Determine the equation of the least squares regression line and draw this line on the scatter diagram.
(c) Construct a 95% confidence interval for the slope of the regression line.

Age 2 334 Price 27.9 23.0 21.6 209 20.0 Age 5 5667 Price 18.5 176 17.0 15.5 9.5

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