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a. Write down the least-squares regression equation and interpret its slope in the context of these data. b. Using the regression model equation obtained in part (a), predict the price of a used Kia Sportage car that has been driven for 32,000 km. C. Use the information from the Excel output to test (at a 5% level of significance) whether

a. Write down the least-squares regression equation and interpret its slope in the context of these data. b. Using the regression model equation obtained in part (a), predict the price of a used Kia Sportage car that has been driven for 32,000 km. C. Use the information from the Excel output to test (at a 5% level of significance) whether

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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An important factor for used car buyers when determining the value of a car is how far the car has been driven. To examine this, a used car dealer randomly selects 50 five-year-old Kia Sportage cars that have been sold at auction during the past month. Each car was in top condition and equipped with automatic transmission, GPS and air conditioning. The following Microsoft Excel output analysis of these data shows the price ($'000) and the number of kilometres ('000Km) on the odometer. Use these results to answer the questions on the next page. Distance Versus Price of Used Kia Sportage 35 30 25 30 40 50 60 70 80 90 Distance ('000km) Regression Statistics t Stat P-value 15.82319 3.51E-15 2.563823 0.04773 -9.61369 3.28E-10 Price ($'000) 10 5 0 20 Multiple R R Square Adjusted R Square Standard Error Observations Intercept Distance 0.879723 0.773913 0.765539 3.460695 29 Coefficients Standard Error 40.56784 -0.45886
Transcribed Image Text:An important factor for used car buyers when determining the value of a car is how far the car has been driven. To examine this, a used car dealer randomly selects 50 five-year-old Kia Sportage cars that have been sold at auction during the past month. Each car was in top condition and equipped with automatic transmission, GPS and air conditioning. The following Microsoft Excel output analysis of these data shows the price ($'000) and the number of kilometres ('000Km) on the odometer. Use these results to answer the questions on the next page. Distance Versus Price of Used Kia Sportage 35 30 25 30 40 50 60 70 80 90 Distance ('000km) Regression Statistics t Stat P-value 15.82319 3.51E-15 2.563823 0.04773 -9.61369 3.28E-10 Price ($'000) 10 5 0 20 Multiple R R Square Adjusted R Square Standard Error Observations Intercept Distance 0.879723 0.773913 0.765539 3.460695 29 Coefficients Standard Error 40.56784 -0.45886
a. Write down the least-squares regression equation and interpret its slope in the context of these data. b. Using the regression model equation obtained in part (a), predict the price of a used Kia Sportage car that has been driven for 32,000 km. C. Use the information from the Excel output to test (at a 5% level of significance) whether the slope of the linear regression model is different from 0. Include the Hypothesis, Test Statistic, Decision, and Conclusion.
Transcribed Image Text:a. Write down the least-squares regression equation and interpret its slope in the context of these data. b. Using the regression model equation obtained in part (a), predict the price of a used Kia Sportage car that has been driven for 32,000 km. C. Use the information from the Excel output to test (at a 5% level of significance) whether the slope of the linear regression model is different from 0. Include the Hypothesis, Test Statistic, Decision, and Conclusion.
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