c-2. At the 10% significance level, is the age of a used car significant in explaining its selling price? we Test statistic conclude that the age of a used car is significant in explaining its selling price. d-1. Conduct a hypothesis test at the 10% significance level in order to determine if ß₁ differs from -2,000. Note: Negative value should be indicated by a minus sign. Round your answer to 3 decimal places.
c-2. At the 10% significance level, is the age of a used car significant in explaining its selling price? we Test statistic conclude that the age of a used car is significant in explaining its selling price. d-1. Conduct a hypothesis test at the 10% significance level in order to determine if ß₁ differs from -2,000. Note: Negative value should be indicated by a minus sign. Round your answer to 3 decimal places.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
Transcribed Image Text:c-2. At the 10% significance level, is the age of a used car significant in explaining its selling price?
we
Test statistic
d-1. Conduct a hypothesis test at the 10% significance level in order to determine if ß₁ differs from -2,000.
Note: Negative value should be indicated by a minus sign. Round your answer to 3 decimal places.
d-2. Find the p-value.
O p-value > 0.10
0.05 ≤ p-value < 0.10
0.02 ≤ p-value < 0.05
O 0.01 ≤ p-value < 0.02
O p-value < 0.01
conclude that the age of a used car is significant in explaining its selling price.
d-3. What is the conclusion to the test?
Ho, we
conclude that B₁ # -2,000
Transcribed Image Text: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 estimates Price = Po + ₁Age + ε. A portion of the regression results is shown in the accompanying table.
Standard
Error
733.44
128.96
Intercept
Age
a. Specify the competing hypotheses in order to determine whether the selling price of a used car and its age are linearly related.
Ho:
Coefficients
21,266.93
-1,201.23
Test statistic
c-1. Find the p-value.
0; versus Ha:
Op-value > 0.10
O 0.05 ≤ p-value < 0.10
O 0.02 ≤ p-value < 0.05
O 0.01 < p-value < 0.02
Op-value < 0.01
t Stat
28.996
b. Calculate the value of the test statistic.
Note: Negative value should be indicated by a minus sign. Round your answer to 3 decimal places.
p-Value
1.46E-16
2.63E-08
0
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