least squares regression and correlation coefficient
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The Cadet is a popular model of sport utility vehicle, known for its relatively high resale value. The bivariate data given below were taken from a sample of sixteen Cadets, each bought "new" two years ago and each sold "used" within the past month. For each Cadet in the sample, we have listed both the mileage, x (in thousands of miles), that the Cadet had on its odometer at the time it was sold used, and the price, y (in thousands of dollars), at which the Cadet was sold used.
Mileage, X Used selling price, y
(in thousands) (in thousands of dollars)
23.9 27.9
29.2 27.6
25.9 25.6
15.5 34.2
23.1 32.9
24.2 29.8
28.0 30.4
23.1 31.0
24.6 27.1
20.6 31.7
21.0 31.2
26.6 30.8
34.3 25.8
37.5 23.1
27.7 26.5
39.0 21.0
What is the value of the y-intercept of the least-squares regression line for these data? Round off to two decimal places.
What is the value of the sample correlation coefficient for these data?
Is there a spreadsheet that helps you with this problem? Thanks
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Solution Summary
The solution shows how to use Excel to calculate the least squares regression model and correlation coefficient between the mileage of the used car and its value.
Solution Preview
Please see the attached excel file.
I also included a scatter plot of the x and y.
We can find that x ...
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