Essentials of Statistics for Business and Economics
9th Edition
ISBN: 9780357118191
Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams
Publisher: Cengage Learning US
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Chapter 15.5, Problem 25E
Auto Resale Value. The Honda Accord was named the best midsized car for resale value for 2018 by the Kelley Blue Book (Kelley Blue Book website). The file AutoResale contains mileage, age, and selling price for a sample of 33 Honda Accords.
- a. Develop an estimated regression equation that predicts the selling price of a used Honda Accord given the mileage and age of the car.
- b. Is multicollinearity an issue for this model? Find the
correlation between the independent variables to answer this question. - c. Use the F test to determine the overall significance of the relationship. What is your conclusion at the .05 level of significance?
- d. Use the t test to determine the significance of each independent variable. What is your conclusion at the .05 level of significance?
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Chapter 15 Solutions
Essentials of Statistics for Business and Economics
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