In order to examine the relationship between the selling price of a used car and its age, an analyst uses data from 20 recenttransactions and estimates Price = 60 +6₁ Age + ε. A portion of the regression results is shown in the accompanying table. (You mayfind it useful to reference the t table.)StandardError732.41128.98InterceptAgea. Specify the competing hypotheses in order to determine whether the selling price of a used car and its age are linearly related.Coefficients21,268.91-1,201.23Ho: 612 0; HA: 61 < 0Ho: 61 = 0; HA: 61 0Ho: 61 ≤ 0; HA: 61 > 0Test statistict Stat29.040p-value1.42E-162.64E-08b. Calculate the value of the test statistic. (Negative value should be indicated by a minus sign. Round your answer to 3 decimalplaces.) c-1. Find the p-value.O p-value ≥ 0.10O 0.05 ≤ p-value < 0.10O 0.02 s p-value < 0.05O 0.01 ≤ p-value < 0.02O p-value < 0.01c-2. At the 5% significance level, is the age of a used car significant in explaining its selling price?weconclude that the age of a used car is significant in explaining its selling price.

a) Suppose β1 is the population slope coefficient of Age.

Answered: In order to examine the relationship…

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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Suppose that a regression line is found to be ý = 0.5470x +7.7000 What is the predicted value for a = 7? O a. 11.53 O b. 54-45 C. 53-35 O d. -3.87
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