I just need an explanation with the answer for numbers 11-13. Thanks Describe th

Question

I just need an explanation with the answer for numbers 11-13. Thanks

Describe the relationship between price and horsepower? What is the slope of the regression line? Explain what it means with respect to the variables. What is the y-intercept of the regression line? Explain what it means regarding the variables How much of the variation can be explained by the linear regression? How much of the variation cannot be explained by the linear regression? How many cars were in the study? Can the price be accurately predicted over the full range of horsepower? Give three ranges of horsepower where the prediction equation is accurate, fairly accurate, and not so accurate. What type of statistical test was used to test the significance of the predictors? List the test statistic, p-value and the conclusion for each predictor. Regression Analysis The regression equation is price =-4252 + 168*horsepower 110 cases were used. Seven cases contain missing values.

Explanation / Answer

11) Variation explained can be seen by R squared value.

Here, R squared = 52.38 and thus, 52.38% of the variation is being explained.

12) Unexplained = 1 - R squared value = 1 - 52.38 = 47.62%

13) Total cars used = 110 + missing cases = 110 + 7 = 117

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