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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
Determine the variance of the number of letters that are placed in the correct envelopes.
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Assume that a 95% confidence interval for the mean is 14.5
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A published a report recently stated based on a sample of 230 new cars, there is evidence to indicate that the average new car price of all for automobiles
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