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    Dependent Variables and Independent Variables

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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 the last year.

    Car Age (years) Selling Price ($0.00)
    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. 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. 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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    https://brainmass.com/statistics/hypothesis-testing/dependent-variables-and-independent-variables-44292

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    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. Draw a scatter diagram

    (see ...

    Solution Summary

    The solution explain the steps of how to interpret the statistical measures and how to define the relationship between variables. The solution provides a scatter plot diagram and tables showing summary output.

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