mily 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.
mily 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.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
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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.
![48. FILE 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.
Vehlcle
Estimated Cost
Age
Honda Insight
Toyota Prlus
$5,555
$17,888
8.
3
Toyota Prius
$9,963
Toyota Echo
$6,793
Honda CMIC Hybrid
$10,774
5
$16,310
$2,475
Honda CiviC Hybrid
Chevrolet Cruz
Mazda3
$2,808
10
Toyota Corolla
$7,073
Acura Integra
$8,978
8
Sclon xB
$11,213
2
$9,463
$15,055
Sclon xA
Mazda3
2
Mini Cooper
$20,705
2
a. Plot these data on a scatter diagram with estimated cost as the dependent variable.
b. Find the correlation coefficient.
c. A regression analysis was performed and the resulting regression equation is Esti-
mated Cost = 18358 – 1534 Age. Interpret the meaning of the slope.
d. Estimate the cost of a five-year-old car.
e. Here is a portion of the regression software output. What does it tell you?
Predictor
Coef
SE Coef
P
Constant
18358
1817
10.10
0.000
Age
-1533.6
306.3
-5.01
0.000
f. Using the .10 significance level, test the significance of the slope. Interpret the result.
Is there a significant relationship between the two variables?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1568584d-52a9-45f8-8c53-a293b17582da%2Feec348b0-8914-42a5-8f19-4e9b31b71665%2F6814nfh_processed.jpeg&w=3840&q=75)
Transcribed Image Text:48. FILE 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.
Vehlcle
Estimated Cost
Age
Honda Insight
Toyota Prlus
$5,555
$17,888
8.
3
Toyota Prius
$9,963
Toyota Echo
$6,793
Honda CMIC Hybrid
$10,774
5
$16,310
$2,475
Honda CiviC Hybrid
Chevrolet Cruz
Mazda3
$2,808
10
Toyota Corolla
$7,073
Acura Integra
$8,978
8
Sclon xB
$11,213
2
$9,463
$15,055
Sclon xA
Mazda3
2
Mini Cooper
$20,705
2
a. Plot these data on a scatter diagram with estimated cost as the dependent variable.
b. Find the correlation coefficient.
c. A regression analysis was performed and the resulting regression equation is Esti-
mated Cost = 18358 – 1534 Age. Interpret the meaning of the slope.
d. Estimate the cost of a five-year-old car.
e. Here is a portion of the regression software output. What does it tell you?
Predictor
Coef
SE Coef
P
Constant
18358
1817
10.10
0.000
Age
-1533.6
306.3
-5.01
0.000
f. Using the .10 significance level, test the significance of the slope. Interpret the result.
Is there a significant relationship between the two variables?
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