Car manufacturers produced a variety of classic cars that continue to increase in value. Suppose the following data is based upon the Martin Rating System for Collectible Cars, and shows the rarity rating (1-20) and the high price ($1,000) for 15 classic cars. Model Rating Price ($1,000) A 18 1.600.0 B 17 450.0 с 19 3,975.0 D 15 77.5 E 18 350.0 F 17 140.0 G 16 125.0 H 16 250.0 I 14 87.0 3 19 1,300.0 K 16 375.0 19 2,650.0 13 45.0 17 375.0 18 1,000.0 L M N O
Car manufacturers produced a variety of classic cars that continue to increase in value. Suppose the following data is based upon the Martin Rating System for Collectible Cars, and shows the rarity rating (1-20) and the high price ($1,000) for 15 classic cars. Model Rating Price ($1,000) A 18 1.600.0 B 17 450.0 с 19 3,975.0 D 15 77.5 E 18 350.0 F 17 140.0 G 16 125.0 H 16 250.0 I 14 87.0 3 19 1,300.0 K 16 375.0 19 2,650.0 13 45.0 17 375.0 18 1,000.0 L M N O
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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![Develop an estimated multiple regression equation with x = rarity rating and x² as the two independent variables. (Round b, and b, to the nearest integer and b, to one decimal place.)
ý =
Consider the nonlinear relationship shown by equation (16.7):
E(y) = BB₁*
Use logarithms to develop an estimated regression equation for this model. (Round b to three decimal places and b, to four decimal places.)
log(y) =
Do you prefer the estimated regression equation developed in part (b) or part (c)? Explain.
O The model in part (b) is preferred because is lower and the p-value is lower.
O The model in part (c) is preferred because ² is higher and the p-value is lower.
O The model in part (b) is preferred because is higher and the p-value is lower.
O The model in part (c) is preferred because ² is lower and the p-value is lower.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4959d4f7-c515-4b84-8a14-00389cef5562%2Fbe171492-3ab0-4da8-8500-a324658ec49d%2Fsowwzf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Develop an estimated multiple regression equation with x = rarity rating and x² as the two independent variables. (Round b, and b, to the nearest integer and b, to one decimal place.)
ý =
Consider the nonlinear relationship shown by equation (16.7):
E(y) = BB₁*
Use logarithms to develop an estimated regression equation for this model. (Round b to three decimal places and b, to four decimal places.)
log(y) =
Do you prefer the estimated regression equation developed in part (b) or part (c)? Explain.
O The model in part (b) is preferred because is lower and the p-value is lower.
O The model in part (c) is preferred because ² is higher and the p-value is lower.
O The model in part (b) is preferred because is higher and the p-value is lower.
O The model in part (c) is preferred because ² is lower and the p-value is lower.
![Car manufacturers produced a variety of classic cars that continue to increase in value. Suppose the following data is based upon the Martin Rating System for Collectible Cars, and shows the rarity rating (1-20)
and the high price ($1,000) for 15 classic cars.
Model Rating
Price ($1,000)
A
18
1,600.0
B
17
450.0
19
3,975.0
15
77.5
18
350.0
17
140.0
16
125.0
16
250.0
14
87.0
19
1,300.0
16
375.0
19
2,650.0
13
45.0
17
375.0
18
1,000.0
00
с
D
E
LL
F
G
H
I
J
L
M
N
O](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4959d4f7-c515-4b84-8a14-00389cef5562%2Fbe171492-3ab0-4da8-8500-a324658ec49d%2F662r1hpt_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Car manufacturers produced a variety of classic cars that continue to increase in value. Suppose the following data is based upon the Martin Rating System for Collectible Cars, and shows the rarity rating (1-20)
and the high price ($1,000) for 15 classic cars.
Model Rating
Price ($1,000)
A
18
1,600.0
B
17
450.0
19
3,975.0
15
77.5
18
350.0
17
140.0
16
125.0
16
250.0
14
87.0
19
1,300.0
16
375.0
19
2,650.0
13
45.0
17
375.0
18
1,000.0
00
с
D
E
LL
F
G
H
I
J
L
M
N
O
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