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Regression

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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 ($000)
1 9 8.1
2 7 6
3 11 3.6
4 12 4
5 8 5
6 7 10
7 8 7.6
8 11 8
9 10 8
10 12 6
11 6 8.6
12 6 8

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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Solution Summary

The solution explains the questions in a good amount of detail. It can be easily understood by anyone with a basic understanding of the concepts. The attachment to the solution does a good job of explaining in a very easy to understand way. The word document provides an Excel output with the regression equation. Graphs made in Excel are provided as well. Overall, a good response.

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