Maumee Ford-Mercury
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The owner of Maumee Ford-Mercury 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 last year (see attached file):
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?
b. Draw a scatter diagram.
c. Determine the coefficient of correlation.
d. Determine the coefficient of determination.
e. Interpret these statistical measures. Does it surprise you that the relationship is inverse?
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Solution Summary
This solution analyzes the data of Maumee Ford-Mercury and determines the independent and dependent variables, scatter diagram of relationship, coefficient of correlation and determination and also the statistical measures with step-by-step workings and explanations.
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