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X: (Age, years) 6 6 6 2 2 5 4 5 1 4 Y: Prince (hundreds of dollars) | 125 115 130 260 219 150 190 163 160 260 (a) What is the simple linear regression equation for these data? (b) What would you predict the mean price of a corvette 3.5 years old to be? (c) What is the correlation between the variables?

X: (Age, years) 6 6 6 2 2 5 4 5 1 4 Y: Prince (hundreds of dollars) | 125 115 130 260 219 150 190 163 160 260 (a) What is the simple linear regression equation for these data? (b) What would you predict the mean price of a corvette 3.5 years old to be? (c) What is the correlation between the variables?

MATLAB: An Introduction with Applications
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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1. Ten Corvettes between 1 and 6 years old were randomly selected from the classified ads of The Arizona Republic. The following data were obtained, where x denotes age, in years, and y denotes price, in hundreds of dollars. X: (Age, years) 6 6 6 2 2 5 4 5 1 4 Y: Prince (hundreds of dollars) 125 115 130 260 219 150 190 163 260 160 (a) What is the simple linear regression equation for these data? (b) What would you predict the mean price of a corvette 3.5 years old to be? (c) What is the correlation between the variables? (d) Does this correlation value make sense in terms of the problems scenario? Please explain your reasoning. (e) What proportion of the variance is explained by the linear model between age and price? (f) Is there strong evidence that the slope of the linear regression between age and price is different from zero? Please set up the hypotheses, provide the test statistic and p-value, and your decision.
Transcribed Image Text:1. Ten Corvettes between 1 and 6 years old were randomly selected from the classified ads of The Arizona Republic. The following data were obtained, where x denotes age, in years, and y denotes price, in hundreds of dollars. X: (Age, years) 6 6 6 2 2 5 4 5 1 4 Y: Prince (hundreds of dollars) 125 115 130 260 219 150 190 163 260 160 (a) What is the simple linear regression equation for these data? (b) What would you predict the mean price of a corvette 3.5 years old to be? (c) What is the correlation between the variables? (d) Does this correlation value make sense in terms of the problems scenario? Please explain your reasoning. (e) What proportion of the variance is explained by the linear model between age and price? (f) Is there strong evidence that the slope of the linear regression between age and price is different from zero? Please set up the hypotheses, provide the test statistic and p-value, and your decision.
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