a. Develop a trendline and state the following: (Coefficients should be round to 3 decimal places and the regression equation should be rounded to 2 decimal places. Negative values should have a minus sign in front of them) Correlation Coefficient: Coefficient of Determination: Regression equation: ŷ = _____ + _____ x b. Interpret the meaning of the slope. c. Estimate the cost of a car that is 7 years old. (Round to 2 decimal places.)
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.
| Y | X | |
| Vehicle | Estimated Cost ($) | Age (Years) |
| Honda Insight | 9312 | 8 |
| Toyota Prius | 13815 | 5 |
| Toyota Prius | 510 | 10 |
| Toyota Echo | 15173 | 3 |
| Honda Civic Hybrid | 6574 | 7 |
| Chevrolet Prizm | 5156 | 12 |
| Mazda Protégé | 13492 | 4 |
| Toyota Corolla | 15803 | 3 |
| Acura Integra | 14225 | 5 |
| Scion xB | 14570 | 6 |
| Scion xA | 11840 | 12 |
| Mazda 3 | 18029 | 3 |
| Mini Cooper | 18500 | 3 |
a. Develop a trendline and state the following: (Coefficients should be round to 3 decimal places and the regression equation should be rounded to 2 decimal places. Negative values should have a minus sign in front of them)
Coefficient of Determination:
Regression equation: ŷ = _____ + _____ x
b. Interpret the meaning of the slope.
c. Estimate the cost of a car that is 7 years old. (Round to 2 decimal places.)
Conduct the hypothesis test to determine whether the regression slope coefficient is equal to 0. Test using a significance level of 0.1.
d. What are the null and alternate hypotheses?
H0: 0
H1: 0
e. Compute the value of the test statistic? (Round your answer to 2 decimal places. Negative values should have a minus sign in front of them)
f. Determine the p-value (Round your final answer to 4 decimal places.)
g. What is your decision regarding the null hypothesis?
multiple choice
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Reject the null.
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Fail to reject the null.
h. Interpret the result.
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