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Perform a simple regression analysis

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Reference no: EM13247737

Nowadays, there is a wide range of digital cameras available with many differentfeatures and price tags. The following table lists the prices and effective megapixels of some of these cameras. Suppose a potential buyer is interested in finding out if there is a positive relationship between effective megapixels and price.

a) Using thesedata, perform a simple regression analysis to predict the price of a digital camera using the number of effective megapixels. Interpret the slope term and state whether it is consistent with the buyer's prior belief.

b) Discuss the r2 and se. Several of these cameras have a resolution of 10 effective megapixels, but their price varies significantly from $999 to $2199. Provide an intuitive explanation as to why this might be the case.

Model Price ($) Effective magapixels
Canon PowerShot S5IS 599 8
Canon EQS 400 D + 18-55 mm EFS 1199 10.1
Canon EQS 400 D + 17-85 mm EFS IS USM 2799 10.1
Fujifilm Finepix S8000fd 649 8
Kodak Easyshare ZD170 299 7.1
Nikon D80 DX 18-70 mm 2198 10
Nikon D40x Kit DX 18-55 mm EDII 999 10
Olympus E-140 Kit + 14-42 mm ED 999 10
Olympus E-510 Kit + 14-42 mm ED 1299 10
Olympus SP-560UZ 599 8
Panasonic Lumix DMC-L10 + Leica D14-50 mm 2199 10
Panasonic Lumix DMC-FZ18 769 8
Sony Alpha DSLR-A700 + 18-70 mm DT 2399 12.2

Reference no: EM13247737

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