**Regression Analysis of Used Car Prices**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 the equation: \[ \text{Price} = \beta_0 + \beta_1 \text{Age} + \varepsilon \]A portion of the regression results is shown in the accompanying table.| | Coefficients | Standard Error | t Stat | p-value ||----------------|--------------|----------------|--------|-----------|| Intercept | 21,268.91 | 732.41 | 29.040 | 1.42E-16 || Age | -1,201.23 | 128.98 | - | 2.64E-08 |1. **Hypotheses Specification:** Specify the competing hypotheses to determine whether the selling price of a used car and its age are linearly related. - $ H_0: \beta_1 \ge 0; $ $ H_A: \beta_1 < 0 $ - $ H_0: \beta_1 = 0; $ $ H_A: \beta_1 \neq 0 $ - $ H_0: \beta_1 \le 0; $ $ H_A: \beta_1 > 0 $2. **Calculate the Test Statistic:** Calculate the value of the test statistic. (Negative value should be indicated by a minus sign. Round your answer to 3 decimal places.) - Test statistic box for input.3. **Find the p-value:** - $ \text{p-value} \ge 0.10 $ - $ 0.05 \le \text{p-value} < 0.10 $ - $ 0.02 \le \text{p-value} < 0.05 $ - $ 0.01 \le \text{p-value} < 0.02 $ - $ \text{p-value} < 0.01 $4. **Significance at the 5% Level:** At the 5% significance level, is the age of a used car significant in explaining its selling price? - Conclusion box for input: " , we conclude that the **d-1.** Conduct a hypothesis test at the 5% significance level in order to determine if $ a_1 $ differs from -1,000. (Negative value should be indicated by a minus sign. Round your answer to 3 decimal places.)**Test statistic:** [Text box]**d-2.** Find the $ p $-value.- $ 0.05 \leq $ $ p $-value $ < 0.10 $- $ 0.02 \leq $ $ p $-value $ < 0.05 $- $ 0.01 \leq $ $ p $-value $ < 0.02 $- $ p $-value $ < 0.01 $- $ p $-value $ \geq 0.10 $**d-3.** What is the conclusion to the test?\[ H_0, \text{ we} \] [Dropdown] conclude that $\beta_1 \neq -1,000 $

As per guidelines we answer the first three subparts only. Please post the remaining subparts in a fresh question. Solution

Answered: In order to examine the relationship…

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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please please help me and make answer clear!!! thanks so much
Can you please tell also the test statistics and if the weight is close to 518 pounds?
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We expect a car's highway gas mileage to be related to its city gas mileage (in miles per gallon, mpg). Data for all 1259 vehicles in the government's 2019 Fuel Economy Guide give the regression line highway mpg = 8.720 + (0.914x city mpg) for predicting highway mileage from city mileage. 1 O Macmillan Learning (b) What is the intercept? Give your answer to three decimal places. intercept: Why is the value of the intercept not statistically meaningful? The value of the intercept is an average value calculated from a sample. The value of the intercept represents the predicted highway mileage for city gas mileage of 0 mpg, and such a prediction would be invalid since 0 is outside the range of the data. The value of the intercept represents the predicted highway mileage for slope 0. O The value of the intercept represents the predicted city mileage for highway gas mileage of 0 mpg, and such a car does not exist. mpg
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The data show the bug chirps per minute at different temperatures. Find the regression equation, letting the first variable be the independent (x) variable. Find the best predicted temperature for a time when a bug is chirping at the rate of 3000 chirps per minute. Use a significance level of 0.05. What is wrong with this predicted value? Chirps in 1 min 784 838 822 949 1188 813 Temperature (°F) 65.7 67.8 66.2 79.9 92.3 73.5 What is the regression equation? What is the best-predicted temperature for a time when a bug is chirping at the rate of 3000 chirps per minute? The best predicted temperature when a bug is chirping at 3000chirps per minute are? What is wrong with this predicted value? Choose the correct answer below. A. It is unrealistically high. The value 3000 is far outside of the range of observed values. B. The first variable should have been the dependent variable. C. It is only an…

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