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)
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
Please see the attached excel file.
I also included a scatter plot of the x and y.
We can find that x ...
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.