Please help!! Here is the data A used car dealer wants to develop a regression e
ID: 3227717 • Letter: P
Question
Please help!!
Here is the data
A used car dealer wants to develop a regression equation that determines mileage as a function of the age of a car in years. He collects the data shovun below for the 12 cars he has on his lot. Assignment 10q4 data a) What is the slope of the regression equation? Give your answer to two decimal places. b) What is the value of the correlation coefficient? Give your answer to two decimal places. c) A 4 year old car is delivered to his lot with 160000 ml es. Manually enter these values in the data table above and run the regression analysis. What Is the value of the slope? Give your answer to two decimal places. d) Including the additional car what is the value of the correlation coefficient? Give your answer to two decimal places e) Did the additional car strengthen or weaken the near relationship between age and mileage? It weakened the linear relationship. Can not be determined. It strengthened the linear relationship.Explanation / Answer
Refering to the above regression output
a) The slope of the regression equation is 9157.61
b) The value of the correlation coefficient is r = 0.92
after adding the new observation, age = 4 and mileage = 160000, the new regression output is
c) The value of the modified slope is 4891.41
d) The modified correlation coefficient is r = 0.44
e) The additional car has weeken the linear relationship between age and mileage.
i.e., the correct option is
It weekened the linear relationship
SUMMARY OUTPUT Regression Statistics Multiple R 0.92 R Square 0.85 Adjusted R Square 0.83 Standard Error 12129.69 Observations 12 ANOVA df SS MS F Significance F Regression 1 8106637194 8106637194 55.10 0.00 Residual 10 1471294857 147129485.7 Total 11 9577932051 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept 7725.16 11250.87 0.69 0.51 -17343.35 32793.66 Age 9157.61 1233.71 7.42 0.00 6408.74 11906.47