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Predict the price of a tire with a warranty length

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Reference no: EM131685994

Question: The following table gives information on the limited tread warranties (in thousands of miles) and the prices of 12 randomly selected tires at a national tire retailer as of July 2009.

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a. Taking warranty length as an independent variable and price per tire as a dependent variable, compute SSxx, SSyy, and SSxy.

b. Find the regression of price per tire on warranty length.

c. Briefly explain the meaning of the values of a and b calculated in part b.

d. Calculate r and r2 and explain what they mean.

e. Plot the scatter diagram and the regression line.

f. Predict the price of a tire with a warranty length of 73,000 miles.

g. Compute the standard deviation of errors.

h. Construct a 95% confidence interval for B.

i. Test at the 5% significance level if B is positive.

j. Using α = .025, can you conclude that the linear correlation coefficient is positive?

Reference no: EM131685994

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