31. The data set below shows the mileage and selling prices of eight used cars of the same model. Mileage Price 21,000 $16,000 34,000 $11,000 41,000 $13,000 43,000 $14,000 65,000 $10,000 72,000 $12,000 76,000 $7,000 84,000 $7,000 (a) Calculate r , the correlation coefficient between these two variables. r = (b) Interpret the value of r : the association is Select an answer and Select an answer (c) Compute the regression line for predicting price from mileage. ˆ y = x + (d) Predict the price of a car with 30,000 miles. $ (e) Does the student with 43,000 miles on it have a higher or lower price than the one predicted by the regression line? Higher Lower

31 The data set below shows the mileage and selling prices of eight used cars of the same model Mileage Price 21000 16000 34000 11000 41000 13000 43000 14000 65 class=

Respuesta :

we have that

using a Correlation Coefficient Calculator

Please wait a minute to calculate the correlation coefficient

The value of R is: 0.6775

This is a moderate positive correlation, which means there is a tendency for high X variable scores go with high Y variable scores (and vice versa

Part b

Is positive and moderate

Part c

using a Linear Regression Calculator

y= 0.13085X + 2.05929

Part d

For x=30,000 miles

substitute in the equation Part C

y= 0.13085*(30,000) + 2.05929

y=$3,927.56

Part e

For x=43,000 miles

substitute in the equation Part c

y= 0.13085*(43,000) + 2.05929

y=$5,628.61

Compare with the value of the given table

For x=43,000 miles -------> y=$14,000

therefore

5,628 < 14,000

the answer is Lower

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