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Interpret the r2 value and comment on its strength

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Reference no: EM132848949

A car dealer is interested in examining the relationship between car trade-in values (measured in thousands of dollars) and mileage (measured in thousands of kilometres). The car dealer runs a simple regression on trade-in value and mileage and obtains the following output:

Variable Coefficient Standard Deviation p

Constant 46.205 3.535 0.00

Mileage -0.12341 0.02372 0.00

  • Interpret the estimated mileage coefficient.
  • Interpret the R2 value and comment on its strength.
  • Does mileage significantly influence the trade-in value of the car?
  • What is the trade-in value of a car that has been driven 75,000 kilometres?

Reference no: EM132848949

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