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Chapter 13 Exercise 6

The owner of Maumee Ford-Mercury-Volvo wants to study the relationship between the age of a car and its selling price. Listed below is a random sample of 12 used cars sold at the dealership during the last year.

Car Age (years) Selling Car Age (years) Selling Price ($000)

Price ($000)

1 9 8.1 7 8 7.6

2 7 6.0 8 11 8.0

3 11 3.6 9 10 8.0

4 12 4.0 10 12 6.0

5 8 5.0 11 6 8.6

6 7 10.0 12 6 8.0

a. If we want to estimate selling price on the basis of the age of the car, which variable is the dependent variable and which is the independent variable?

b-1. Determine the correlation coefficient. ...view middle of the document...

1 16 7 0.12

8 6 0.12 17 2 0.05

9 6 0.09 18 1 0.02

Use a statistical software package to answer the following questions.

a-1. Choose a scatter diagram that best fits the data.

b. Fill in the blanks below. (Round your answers to 3 decimal places.)

c. Determine the coefficient of correlation and coefficient of determination. (Round your answers to 3 decimal places.)

c-1. State the decision rule for .01 significance level: H0: Ï â‰¤ 0; H1: Ï > 0. (Round your answer to 3 decimal places.)

c-2. Compute the value of the test statistic. (Round your answer to 2 decimal places.)

c-3. What is the p-value? (Hint: use your analysis software) (Round p-value to 4 decimal places.)

c-4. At the .01 significance level, is it reasonable to conclude that there is a positive relationship in the population between the number of beers consumed and the BAC?

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Chapter 13 Exercise 14

The following sample observations were randomly selected.

a. Determine the regression equation. (Negative amounts should be indicated by a minus sign. Round your answers to 3 decimal places.)

b. Determine the value of when X is 7. (Round your answer to 3 decimal places.)

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Chapter 13 Exercise 22

The owner of Maumee Ford-Mercury-Volvo wants to study the relationship between the age of a car and its selling price. Listed below is a random sample of 12 used cars sold at the dealership during the last year.

Car Age (years) Selling Price ($000) Car Age (years) Selling Price ($000)

1 9 8.1 7 8 7.6

2 7 6 8 11 8

3 11 3.6 9 10 8

4 12 4 10 12 6

5 8 5 11 6 8.6

6 7 10 12 6 8

The regression equation is, the sample size is 12, and the standard error of the slope is 0.23. Use the .05 significance level. Can we conclude that the slope of the regression line is less than zero?

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Chapter 13 Exercise 26

The owner of Maumee Ford-Mercury-Volvo wants to study the relationship between the age of a car and its selling price. Listed below is a random sample of 12 used cars sold at the dealership during the last year.

Car Age (years) Selling Price ($000)

1 9 8.1

2 7 6.0

3 11 3.6

4 12 4.0

5 8 5.0

6 7 10.0

7 8 7.6

8 11 8.0

9 10 8.0

10 12 6.0

11 6 8.6

12 6 8.0

a. Determine the standard error of estimate. (Round your answer to 3 decimal places.)

b. Determine the coefficient of determination. (Round your answer to 3 decimal places.)

c. Interpret the coefficient of determination. (Round your answer to the nearest whole number.)

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Chapter 14 Exercise 2

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