Prices and mileage of 48 Dodge 2500 Pickup trucks with Cummins diesel engines. Prices ranged from $28,925 to $68,650. Mileage ranged from 315 to 186,466. While I did not share the trucks were 2013 to 2020 models. Please show all work. Interpret b0 in the context of this problem. Interpret b1 in the context of this problem. What percent of total variation in prices is explained by the regression model? Provide evidence to support your answer. Price Mileage 52293 34450 50987 23372 62988 21738 37500 81176 66000 23118 47601 71143 47750 18214 42000 32303 50987 23372 28925 143737 42050 58561 51738 9691 51500 23969 44988 48781 29500 114809 46975 16918 63999 15507 46975 16918 43222 50459 38386 87192 42000 68722 62250 14042 62998 21738 32130 103644 52293 34450 52900 68883 53172 3656 53494 315 39594 88441 63246 23631 58250 34974 59391 18383 50650 42737 54976 84200 68650 14401 51114 47433 43900 74106 37450 186466 43500 64164 46900 70965 35000 88901 62900 33233 42558 30153 43500 88656 49181 31521 43557 16448 51349 44025 30000 99730
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
Prices and mileage of 48 Dodge 2500 Pickup trucks with Cummins diesel engines. Prices
- Interpret b0 in the context of this problem.
- Interpret b1 in the context of this problem.
- What percent of total variation in prices is explained by the regression model? Provide evidence to support your answer.
| Price | Mileage |
| 52293 | 34450 |
| 50987 | 23372 |
| 62988 | 21738 |
| 37500 | 81176 |
| 66000 | 23118 |
| 47601 | 71143 |
| 47750 | 18214 |
| 42000 | 32303 |
| 50987 | 23372 |
| 28925 | 143737 |
| 42050 | 58561 |
| 51738 | 9691 |
| 51500 | 23969 |
| 44988 | 48781 |
| 29500 | 114809 |
| 46975 | 16918 |
| 63999 | 15507 |
| 46975 | 16918 |
| 43222 | 50459 |
| 38386 | 87192 |
| 42000 | 68722 |
| 62250 | 14042 |
| 62998 | 21738 |
| 32130 | 103644 |
| 52293 | 34450 |
| 52900 | 68883 |
| 53172 | 3656 |
| 53494 | 315 |
| 39594 | 88441 |
| 63246 | 23631 |
| 58250 | 34974 |
| 59391 | 18383 |
| 50650 | 42737 |
| 54976 | 84200 |
| 68650 | 14401 |
| 51114 | 47433 |
| 43900 | 74106 |
| 37450 | 186466 |
| 43500 | 64164 |
| 46900 | 70965 |
| 35000 | 88901 |
| 62900 | 33233 |
| 42558 | 30153 |
| 43500 | 88656 |
| 49181 | 31521 |
| 43557 | 16448 |
| 51349 | 44025 |
| 30000 | 99730 |
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