Question: Cars.com would like to use simple regression to predict the selling price of a used car, in thousands of dollars, based on the age of

Cars.com would like to use simple regression to predict the selling price of a used car, in thousands of dollars, based on the age of the car in years. A random sample of used cars was selected and the result of the regression analysis is shown below.

SUMMARY OUTPUT Regression Statistics Multiple R 0.7885 R Square 0.6217 Adjusted R Square 0.5461 Standard Error 1.4528 Observations 7 ANOVA of SS MS F Significance F Regression 1 17.3464 17.3464 8.2182 0.0351 Residual 5 10.5536 2.1107 Total 6 27.9 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept 11.6881 1.2403 9.4237 0.0002 8.4999 14.8764 Age -0.5072 0.1769 -2.8667 0.0351 -0.9620 -0.0524

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

Animal Gear Company makes two pet carriers, the Cat-allac and the Dog-eriffic. They are both made of plastic with metal doors, but the Cat-allac is smaller. Information for the two products for the...

01 Suppose the regression shows that there is a negative association between two variables. If the coefficient of determination ( R2 ) is 92.3% then the correlation between them is( in two decimal...

IVC/Spring 2016/Econ 10/MGT 10/ Pehlivan/ Exam 3 Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1)...

1. in order to examine the relationship between the selling price of a used car and its age, an analyst uses data from 20 recent transactions and estimate price = B0 + B1 age +e. A portion of the...

ROGERS LTE 10:05 PM 58% Operations Management Sust... age. c) Calculate the mean absolute percent error for the two-day mov- ing average. PX 4.9 Dell uses the CR5 chip in some of its laptop...

A team of Kents students has derived the following equation that can be used to predict the price of a used car (in dollars) from its age (in years). Price = 37 650 4200 Age a) According to this...

Address 9 Sycamore Road 21 Jefferson St 38 Hitching Post Lane 4 Poppy Lane 5 Daniel Drive 15 Francis Terrace 23 Guilfoy Street 17 Carlyle Drive 8 Craft Avenue 22 Beechwood Ct. 14 Fox Street 7 Raynham...

1.In a survey people are asked "Which brand of toothpaste do you prefer?" The data gathered from this question would be what type of data? A.categorical B.quantitative C.continuous 2.A student is...

#1 A pharmaceutical company is testing the effectiveness of a new drug for lowering cholesterol. As part of this trial, they wish to determine whether there is a difference between the effectiveness...

The director of graduate studies would like to predict the grade point average (GPA) of students in MBA program based on the Graduate Management Admission Test (GMAT) score. The results are stored in...

As the production planner for one of your firm's product lines, you receive sales forecasts from your firm's regional sales managers about the middle of each month. Based on these sales forecasts for...

For the most recent fiscal year, the Southern Division of Fargo Corporation generated an asset turnover ratio of 5 and a profit margin (as measured by the segment margin) ratio of 6 percent on sales...

Given: f ( x ) = 1 0 x 2 x 2 + 6 x + 1 0 2 ; find f ' ( x )

Compare modified accrual to accrual accounting basis with regard to encumbrance accounting 23. How expenditures, encumbrances, and transfers affect fund balance

I am completing a form 1040 schedule c for the 2019 tax year. I do not know what the answer would be for question 9 of section 2, "Car and truck expenses". This is the information we have to go on....

Write a summary of the following paragraph The new government created by the U.S. Constitution reflected a series of compromises made by the convention delegates on various issues. Some delegates...

L The Wham Company uses normal costing in it job-order cost system. At the end of 2018, the balance in the Materials Control account was $5,000. At the end of 2018, the company only had one job in...

Rakes, Inc. is the largest manufacturer of yard equipment in the Midwest which includes these four outstanding employees, among many other employees. Ingrid works in internal audit, Fred works in...

Do you agree with my classmate discussion question below. Classmate Question: White-collar crime is a criminal activity committed by commercial and/or government employees while conducting legitimate...

Improving creative problem-solving ability.

1. Discuss the following statements: (a) A circle becomes a straight line when viewed on a very small scale. (b) Breaking patterns creates change.

2. Develop your own loop models for the following conditions. At least one model shall be developed for each of the points under (a-j) a) If A shows anger towards B, what will Bs reaction be? b) What...