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. Vehicle Estimated Cost $ 5,555 $17,888 $ 9,963 $ 6,793 $10.774 $16,310 $ 2.475 s 2 $ 2,808 *,073 $ 8,978 $11,213 $ 9,463 $15,055 $20,705 Age Honda Insight Toyota Prius Toyota Prius Toyota Echo Honda Civic Hybrid Honda Civic Hybrid Chevrolet Cruz 8 3 Mazda3 Toyota Corolla Acura 10 Acura Integra Scion xB Scion xA 3 Mazda3 2 Mini Cooper 2 a. Create a scatter plot of the data. 1. On the graph below, use the point tool to plot the point corresponding to the first Age and its Estimated Cost (Age 1). 2. Repeat the process for the remainder of the sample (Age 2, Age 3, .. ). 3. To enter exact coordinates, double-click on the point and enter the exact coordinates of x and y. Emily Smith Age 1 25000- Age 2 20000 - Age 3 15000 - Age 4 10000 - Age 5 5000 - Age 6 0 - 2 3 4 10 Age 7 Age b-1. Calculate the correlation coefficient. (Negative value should be indicated by a minus sign. Round your answer to 3 decimal places.) Coefficient of correlation b-2. What does it indicate about the relationship between cost and age? There is a v relationship between cost and age. strong inverse week inverse c-1. Complete a regression analysis of the relationship. (Negative value should be indicated by a minus sign. Round your answer to 4 decimal places.) Slope c-2. Report and interpret the coefficient of determination. (Round your answer to 2 decimal places.) Coefficient of determination % d. Compute the regression equation that predicts cost. (Round your answers to 4 decimal places.) Estimated Cost

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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Please provide step-by-step answers for the questions below a., b-1., b-2., c-1., c-2., d., e., f. with Excel formulas/Excel Data Analysis, math formulas, and also Minitab instructions if possible. Please provide also answers rounded to decimal places like asked in the questions.

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.

$ 6,793
Mazda3
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.
Vehicle
Honda Insight
Toyota Prius
Toyota Prius
Estimated Cost
Age
$ 5,555
8
$17,888
$ 9,963
Toyota Echo
Honda Civic Hybrid
Honda Civic Hybrid
$10,774
$16,310
s 2
$ 2,475
Chevrolet Cruz
* 2,808
S 7,073
$ 8,978
10
Toyota Corolla
Acura Integra
Scion xB
$11,213
$ 9,463
$15,055
$20,705
Scion xA
3
Mazda3
2
Mini Cooper
2
a. Create a scatter plot of the data.
1. On the graph below, use the point tool to plot the point corresponding to the first Age and its Estimated Cost (Age 1).
2. Repeat the process for the remainder of the sample (Age 2, Age 3, ... ).
3. To enter exact coordinates, double-click on the point and enter the exact coordinates of x and y.
Emily Smith
Age 1
25000 -
Age 2
20000 -
Age 3
15000 -
Age 4
10000 -
Age 5
5000 -
Age 6
1
2
3
5
6
7
8
9
10
Age 7
Age
b-1. Calculate the correlation coefficient. (Negative value should be indicated by a minus sign. Round your answer to 3 decimal
places.)
Coefficient of correlation
b-2. What does it indicate about the relationship between cost and age?
There is a
relationship between cost and age.
strong inverse
week inverse
c-1. Complete a regression analysis of the relationship. (Negative value should be indicated by a minus sign. Round your
answer to 4 decimal places.)
Slope
c-2. Report and interpret the coefficient of determination. (Round your answer to 2 decimal places.)
Coefficient of determination
%
d. Compute the regression equation that predicts cost. (Round your answers to 4 decimal places.)
ý =
e. Is the slope of the regression line significantly different from zero?
O Yes
O No
f. Estimate the cost of a 5-year-old car. (Round your answer to the nearest whole dollar amount.)
Predicted cost
Estimated Cost

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