Beanie Babies. Refer to Exercise 2.175 (p. 104) and the data on 50 Beanie Babies collector...

Beanie Babies. Refer to Exercise 2.175 (p. 104) and the data on 50 Beanie Babies collector’s items, published in Beanie World Magazine. Can the age of a Beanie Baby be used to predict its market value? Answer this question by conducting a complete simple linear regression analysis on the data saved in the BEANIE file. (The first and last 5 entries are shown in the table below.)

BEANIE (First and last 5 observations shown.)

Source: Beanie World Magazine, Sept. 1998.

Exercise 2.175

Beanie Babies. Beanie Babies are toy stuffed animals that have become valuable collector’s items. Beanie World Magazine provided the age, retired status, and value of 50 Beanie Babies. The data are saved in the BEANIE file, with several of the observations shown in the table below.

a. Summarize the retired/current status of the 50 Beanie Babies with an appropriate graph. Interpret the graph.

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b. Summarize the values of the 50 Beanie Babies with an appropriate graph. Interpret the graph.

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c. Use a graph to portray the relationship between a Beanie Baby’s value and its age. Do you detect a trend?

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d. According to Chebyshev’s rule, what percentage of the age measurements would you expect to find in the intervals

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e. What percentage of the age measurements actually fall into the intervals of part d? Compare your results with those of part d.

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f. Repeat parts d and e for value.

BEANIE (Selected observations)

Source: Beanie World Magazine, Sept. 1998.