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A least squares regression was used to estimate the relationship between the dollar price P of 45 used 2001 Audi A4 2.8L sedans with manual transmission and the number of miles M the car had been driven: P = 16,958 – 0.0677M, R² = 0.70 (2,553) (0.0233) The standard errors are in parentheses. a. Does the value 16,958 seem reasonable? b. Does the value –0.0677 seem reasonable? c. Does the value 0.70 seem reasonable?

A least squares regression was used to estimate the relationship between the dollar price P of 45 used 2001 Audi A4 2.8L sedans with manual transmission and the number of miles M the car had been driven: P = 16,958 – 0.0677M, R² = 0.70 (2,553) (0.0233) The standard errors are in parentheses. a. Does the value 16,958 seem reasonable? b. Does the value –0.0677 seem reasonable? c. Does the value 0.70 seem reasonable?

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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A least squares regression was used to estimate the relationship between the dollar price P of 45 used 2001 Audi A4 2.8L sedans with manual transmission and the number of miles M the car had been driven: R = 0.70 P = 16,958 – 0.0677M, (2,553) (0.0233) The standard errors are in parentheses. a. Does the value 16,958 seem reasonable? b. Does the value –0.0677 seem reasonable? c. Does the value 0.70 seem reasonable? d. Is the estimated relationship between M and P statistically significant at the 5 percent level? e. Should the riables be reversed, wi M on the left-hand side and P on the right- hand side? Why or why not?
Transcribed Image Text:A least squares regression was used to estimate the relationship between the dollar price P of 45 used 2001 Audi A4 2.8L sedans with manual transmission and the number of miles M the car had been driven: R = 0.70 P = 16,958 – 0.0677M, (2,553) (0.0233) The standard errors are in parentheses. a. Does the value 16,958 seem reasonable? b. Does the value –0.0677 seem reasonable? c. Does the value 0.70 seem reasonable? d. Is the estimated relationship between M and P statistically significant at the 5 percent level? e. Should the riables be reversed, wi M on the left-hand side and P on the right- hand side? Why or why not?
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