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Consider the data in the following table regarding the age of a particular model of car...

Consider the data in the following table regarding the age of a particular model of car and asking price for that car. Please answer the following questions using the output of Regression analysis from Excel. Alpha is 0.05.

Age Asking price
1 11875
1 10222
2 9990
2 8600
3 9000
4 6995
5 4440
5 5500
6 4400
6 4880
8 3900
8 3880
9 3550
9 3620
10 3500
10 3550
13 2100
13 1950
15 1500

7. Calculate the slope of the age of the car using one of the formulas

8. Is the whole regression model effective in predicting the price of the car? Use an alpha level of 0.05. show which values you use to make the decision.

9. Does the age of the car significantly influence the price at the alpha level of 0.05? show which values you use to make the decision.

10. What is the value of the estimated intercept? Interpret the value in terms of age of the car, and asking price for that car.

11. What are the values of the estimated slope for the IV? Interpret the value in terms of actual names of IV and the DV.

math   Statistics-And-Probability   
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