Emily Smith decides to buy a fuel efficient used car Here are several vehicles she is considering, with the estimated cost to purchase and the age of the vehicle a Create a scatter plot of the data What do you observe b Calculate the correlation coefficient What does it indicate about the relations...

Emily Smith decides to buy a fuel-efficient used car. Here are several vehicles she is considering, with

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Emily Smith decides to buy a fuel-efficient used car. Here are several vehicles she is considering, with the estimated cost to purchase and the age of the vehicle.

Vehicle Estimated Cost Age Honda Insight Toyota Prius Toyota Prius $5,555 $17,888 8 3 $9,963 $6,793 6 Toyota Echo Honda Civic Hybrid Honda Civic Hybrid $10,774 $16,310 2 $2,475 $2,808 Chevrolet Cruz 8 Mazda3 10 $7,073 $8,978 $11,213 Toyota Corolla Acura Integra 8 Scion xB 2 $9,463 $15,055 Scion xA

a. Create a scatter plot of the data. What do you observe?

b. Calculate the correlation coefficient. What does it indicate about the relationship between cost and age?

c. Complete a regression analysis of the relationship. Report and interpret the coefficient of determination.

d. Write the regression equation that predicts cost.

e. Is the slope of the regression line significantly different from zero? Why?

f. Estimate the cost of a 5-year-old car.

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a Compute by hand or use Excel to compute the correlation ...View the full answer

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Statistical Techniques In Business And Economics

ISBN: 9781260239478

18th Edition

Authors: Douglas Lind, William Marchal, Samuel Wathen

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Question Posted: Dec 14, 2020 12:34 AM

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Emily Smith decides to buy a fuel-efficient used car. Here are several vehicles she is considering, with

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a Compute by hand or use Excel to compute the correlation ...View the full answer

Statistical Techniques In Business And Economics

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