Mathematics: A Practical Odyssey
8th Edition
ISBN: 9781305104174
Author: David B. Johnson, Thomas A. Mowry
Publisher: Cengage Learning
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Chapter 11.2, Problem 14E
To determine
The
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2. The owner of several used-car dealerships believes that the
selling price of a used car can best be predicted using the car's
age. He uses data on the recent selling price (in $) and age of
20 used sedans to estimate Price = Po + B₁Age + ε. A portion
of the regression results is shown in the accompanying table.
Standard
Coefficients
Intercept
21187.94
Error
733.42
t Stat p-value
28.89 1.56E-16
Age
-1208.25
128.95 -9.37
2.41E-08
a. What is the estimate for B₁? Interpret this value.
b. What is the sample regression equation?
C. Predict the selling price of a 5-year-old sedan.
need help with 5 and 6 please
ian income of $50,000.
erty rate of
13. Using data from 50 workers, a researcher estimates Wage =
Bo+B,Education + B₂Experience + B3Age+e, where Wage
is the hourly wage rate and Education, Experience, and Age
are the years of higher education, the years of experience, and
the age of the worker, respectively. A portion of the regression
results is shown in the following table. ni ogolloo bash
1
Standard
Coefficients error
t stat p-value
Intercept
7.87
4.09
1.93
0.0603
Education
1.44
0.34
4.24 0.0001
Experience
0.45
0.14
3.16
0.0028
Age
-0.01
0.08 -0.14 0.8920
a. Interpret the estimated coefficients for Education and
Experience.
b. Predict the hourly wage rate for a 30-year-old worker
with four years of higher education and three years of
experience.
Chapter 11 Solutions
Mathematics: A Practical Odyssey
Ch. 11.0A - In Exercises 1-10, a find the dimensions of the...Ch. 11.0A - Prob. 2ECh. 11.0A - Prob. 3ECh. 11.0A - Prob. 4ECh. 11.0A - Prob. 5ECh. 11.0A - Prob. 6ECh. 11.0A - Prob. 7ECh. 11.0A - Prob. 8ECh. 11.0A - Prob. 9ECh. 11.0A - In Exercises 1-10, a find the dimensions of the...
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