The Cadet is a popular model of sport utility vehicle, known for its relatively high resale value. The bivariate data given below were taken from a sample of fifteen Cadets, each bought "new" two years ago and each sold "used" within the past month. For each Cadet in the sample, we have listed both the mileage, x (in thousands), that the Cadet had on its odometer at the time it was sold used, and the price, y (in thousands of dollars), at which the Cadet was sold used. These data are shown graphically in the scatter plot in Figure 1. Mileage, x (in thousands) Used selling price, y (in thousands of dollars) 21.1 31.2 34.2 25.8 23.3 34.1 37.5 22.8 29.1 27.1 24.2 29.7 23.7 28.0 27.7 25.1 24.1 27.6 23.2 30.9 26.7 31.7 28.1 30.0 20.9 31.6 15.2 34.6 25.7 26.6 The least-squares regression line for these data has a slope of approximately −0.5. Answer the following. Carry your intermediate computations to at least four decimal places, and round your answers as specified below. a. What is the value of the y-intercept of the least-squares regression line for these data?Round your answer to at least two decimal places. b. What is the value of the sample correlation coefficient for these data? Round your answer to at least three decimal places.
The Cadet is a popular model of sport utility vehicle, known for its relatively high resale value. The bivariate data given below were taken from a sample of fifteen Cadets, each bought "new" two years ago and each sold "used" within the past month. For each Cadet in the sample, we have listed both the mileage, x (in thousands), that the Cadet had on its odometer at the time it was sold used, and the price, y (in thousands of dollars), at which the Cadet was sold used. These data are shown graphically in the
| Mileage, x (in thousands) |
Used selling price, y (in thousands of dollars) |
|---|---|
| 21.1 | 31.2 |
| 34.2 | 25.8 |
| 23.3 | 34.1 |
| 37.5 | 22.8 |
| 29.1 | 27.1 |
| 24.2 | 29.7 |
| 23.7 | 28.0 |
| 27.7 | 25.1 |
| 24.1 | 27.6 |
| 23.2 | 30.9 |
| 26.7 | 31.7 |
| 28.1 | 30.0 |
| 20.9 | 31.6 |
| 15.2 | 34.6 |
| 25.7 | 26.6 |
The least-squares regression line for these data has a slope of approximately −0.5. Answer the following. Carry your intermediate computations to at least four decimal places, and round your answers as specified below.
a. What is the value of the y-intercept of the least-squares regression line for these data?Round your answer to at least two decimal places.
b. What is the value of the sample
Round your answer to at least three decimal places.
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