# Analyzing regression results

Not what you're looking for?

Please see attached file for figure.

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 (in thousands of miles) that the Cadet had on its odometer at the time it was sold used and the price (in thousands of dollars) at which the Cadet was sold used. With the aim of predicting the used selling price from the number of miles driven, we might examine the least-squares regression line y^=41.77-0.49x. This line is shown in the scatter plot in Figure 1.

1. Fill in the blanks for these data. Mileages that are greater than the mean of the mileage tend to be paired with used prices that are --------mean of used selling prices.

2. According to the regression equation, for an increase of one thousand miles in Cadet Mileage, there is a corresponding decrease of how many thousand dollars in used selling price?

3. From the regression equation, what is the predicted used selling price (in thousands of dollars) when the mileage is 26.9 thousand miles? (Round your answer to at least one decimal place).

4. What was the observed used selling price (in thousands of dollars) when the mileage was 26.9 thousand miles?

##### Purchase this Solution

##### Solution Summary

Solution analyzes the regression results.

##### Solution Preview

1. Mileages that are greater than the mean of the mileage tend to be paired with used prices that are less than the mean of used selling prices. (Line is ...

###### Education

- BEng (Hons) , Birla Institute of Technology and Science, India
- MSc (Hons) , Birla Institute of Technology and Science, India

###### Recent Feedback

- "Thank you"
- "Really great step by step solution"
- "I had tried another service before Brain Mass and they pale in comparison. This was perfect."
- "Thanks Again! This is totally a great service!"
- "Thank you so much for your help!"

##### Purchase this Solution

##### Free BrainMass Quizzes

##### Measures of Central Tendency

This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.

##### Measures of Central Tendency

Tests knowledge of the three main measures of central tendency, including some simple calculation questions.

##### Terms and Definitions for Statistics

This quiz covers basic terms and definitions of statistics.

##### Know Your Statistical Concepts

Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.