Explore BrainMass
Share

Statistics - Slope, Intercept, Least Squares Regression

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 fifteen 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. These data are shown graphically in the scatter plot (not shown).

The value of the sample correlation coefficient r for these data is approximately -0.890.

Answer the following. Using attached excel data. Carry your intermediate computations to at least four decimal places, and round your answers as specified below. (If necessary, consult a list of formulas.)

1)What is the value of the slope for the least squares regression line for these data? Round to at least two decimal places.
2)What is the value of the y-intercept for the least squares regression line for these data? Round to at least two decimal places.

Solution Summary

A Complete, Neat and Step-by-step Solution is provided in the attached file.

\$2.19