State the linear regression equation, Engineering Mathematics

Assignment Help:

An auto manufacturing company wanted to investigate how the price of one of its car models depreciates with age. The research department at the company took a sample of eight cars of this model and collected the following information on the ages (in years) and prices (in hundreds of dollars) of these cars.

Age (x)

8

3

6

9

2

5

6

3

Price (y)

16

74

40

19

124

36

33

89

a) Set up a scatter diagram for age and price.

b) At the 0.05 level of significance, determine whether there is a significant linear relationship between age and price.

c) State the linear regression equation.

d) Predict the average price obtained when the age of the car is 7 years old.

e) Determine the coefficient of determination, r2, and interpret its meaning.

f) How useful do you think this regression model is for predicting price?


Related Discussions:- State the linear regression equation

Weighted aggregate , The data of the table below give details of the compon...

The data of the table below give details of the components, prices and standard quantities used in making a kind of chemical. Measure  the composite index with 2007 as base year us

Evaluate the fermat''s method algorithm, 1. (i) How many digits does the nu...

1. (i) How many digits does the number 101000 have when written to base 7 ? (ii) Use the prime number theorem to estimate the proportion of prime numbers among the positive inte

Mechanical advantage, MA for pulling a 1500 gram cart up a 20 degree plane ...

MA for pulling a 1500 gram cart up a 20 degree plane up a 1 meter ramp using a wheel and axel. Wheel diameter is 8 cm

Hypothesis of this statement , A) For a given integer n, if n   2 is divisi...

A) For a given integer n, if n   2 is divisible by 4, then n2   4 is divisible by 16. State the hypothesis of this sentence and the conclusion. Give a direct proof of the statement

Geometric construction of numerical integration, The integral has a...

The integral has an exact answer, viz., sinc(pfT). As T®¥ the sinc function tends to zero. Divide the region from -T/2 to T/2 into N equal parts and sum the rectangles on b

All.., Ask question #Minimum 100thank you words accepted#

Ask question #Minimum 100thank you words accepted#

Calculate the heat transfer coefficient , A house wall may be approximated ...

A house wall may be approximated as two 1.2 cm layers of fiber insulating board, a 8 cm layer of loosely packed asbestos, and 10 cm layer of common brick. Assuming convective heat

Convolution, can you tell me what is the physical intrepetation of convolut...

can you tell me what is the physical intrepetation of convolution theorm or convolution integral?

Modeling, As an engineering student, the ministry of energy and minerals ha...

As an engineering student, the ministry of energy and minerals has tasked you to help them model equation(s) that can estimate the amount of crude oil in a reservoir. The governmen

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd