The owner of Maumee Motors wants to study the relationship between the age of a car and its selling price. Listed below is a randomsample of 12 used cars sold at Maumee Motors during the last year:Car Age (years) ($ thousands)4Selling Price$3.1Selling PriceCar Age (years) ($ thousands)4$3.622544123456TITT4.26.09.44.64.9a. Determine the correlation coefficient. (Negative answer should be indicated by a minus sign. Round the final answer to 3 decimalplaces.)r =b. Determine the coefficient of determination. (Round the final answer to 3 decimal places.)c. Interpret these statistical measures. Does it surprise you that an inverse relationship exists? (Round the final answer to the nearestwhole number.)Weak negative (inverse) correlation between age of car and selling price. So,explained by the variation in the age of the car.percent of the variation in the selling price is

Step 1: Calculate the Correlation Coefficient (r)Standardize the Data: This step isn't always…

Answered: The owner of Maumee Motors wants to…

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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You may need to use the appropriate appendix table or technology to answer this question. The increasing annual cost (including tuition, room, board, books, and fees) to attend college has been widely discussed (Time.com). The following random samples show the annual cost of attending private and public colleges. Data are in thousands of dollars. Private Colleges Public Colleges 52.8 44.2 45.0 33.3 44.0 20.3 22.0 28.2 15.6 24.1 28.5 31.6 44.8 36.8 50.5 43.0 22.8 25.8 18.5 25.6 14.4 21.8 (a) Compute the sample mean (in thousand dollars) and sample standard deviation (in thousand dollars) for private colleges. (Round the standard deviation to two decimal places.) sample mean $ 42.6 v thousand sample standard deviation $ 6.85 v thousand Compute the sample mean (in thousand dollars) and sample standard deviation (in thousand dollars) for public colleges. (Round the standard deviation to two decimal places.) v thousand v thousand sample mean $ 22.3 sample standard deviation $ 4.53 (b) What…
You may need to use the appropriate appendix table or technology to answer this question. The increasing annual cost (including tuition, room, board, books, and fees) to attend college has been widely discussed (Time.com). The following random samples show the annual cost of attending private and public colleges. Data are in thousands of dollars. Private Colleges Public Colleges 52.8 43.2 46.0 32.3 44.0 20.3 22.0 28.2 15.6 24.1 28.5 31.6 44.8 36.8 51.5 42.0 22.8 25.8 18.5 25.6 14.4 21.8 (a) Compute the sample mean (in thousand dollars) and sample standard deviation (in thousand dollars) for private colleges. (Round the standard deviation to two decimal places.) sample mean | thousand sample standard deviation thousand Compute the sample mean (in thousand dollars) and sample standard deviation (in thousand dollars) for public colleges. (Round the standard deviation to two decimal places.) | thousand | thousand sample mean $4 sample standard deviation $ (b) What is the point estimate (in…
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The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car and its selling price. Listed below is a random sample of 12 used cars sold at the dealership during the last year. Car Age (years) Selling Price ($000) 1 11 12.1 2 8 10.5 3 14 5.7 4 17 4.9 5 9 5.0 6 8 13.4 7 10 10.5 8 14 9.0 9 13 9.0 10 17 4.5 11 6 12.5 12 6 11.5 Click here for the Excel Data Filea. Determine the regression equation. (Negative amounts should be indicated by a minus sign. Round your answers to 3 decimal places.) a= b= Estimate the selling price of an 7-year-old car (in $000). (Round your answer to 3 decimal places.) Interpret the regression equation (in dollars). (Round your answer to the nearest dollar amount.)
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