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Multiple Regression: Trucks

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A trucking company wants to predict the yearly maintenance expense (Y) for a truck using the number of miles driven during the year (X1) and the age of the truck (X2 in years) at the beginning of the year. The company has gathered data given in the file 11_16.xls. See attached. Note that each observation corresponds to a particular truck.

a) Formulate and estimate a multiple regression model using the given data. Interpret each of the estimated regression coefficients.

b) Compute and interpret the standard of error of estimates Se and the coefficient of determination R2 for these data.

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