Solution-Calculate the covariance and the correlation

Calculate the covariance and the correlation coefficient

Assignment Help Applied Statistics

Reference no: EM131092722

1. Given the following sample data:

x	420	610	625	500	400	450	550	650	480	565
y	2.80	3.60	3.75	3.00	2.50	2.70	3.50	3.90	2.95	3.30

a. Calculate the covariance and the correlation coefficient.

b. Comment on the relationship between X and Y.

c. Determine the least-squares regression line (Use Excel data analysis toolpak).

d. Draw the scatter diagram and plot the least-squares line.

2. A car dealer wants to find the relationship between the odometer reading and the selling price of used cars. A random sample of 100 cars is selected and the data are recorded in the Excel file XM18-03. Estimate a linear relationship between price and odometer reading. Calculate the standard error of estimate and describe what it tells you about the model fit. Find the coefficient of determination. What does this statistic tell you about the model?

Reference no: EM131092722

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Calculate the covariance and the correlation coefficient

Reference no: EM131092722

Reference no: EM131092722

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