Determine and comment on the coefficient of determination

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Reference no: EM132658180

A Motor company want to study the relationship between the age of car (in years) and its selling price (in thousand Taka). Listed below is a random sample of 12 used cars sold during the last year.

Question a. Identify the dependent variable and independent variable with justification?

Question b. Draw a scatter diagram. Comment on it.

Question c. Determine the coefficient of correlation and Comment on it.

Question d. Determine and comment on the coefficient of determination.

Question e. Does it surprise you that the relationship is inverse? Justify.

Question f. Determine the regression equation. Interpret the estimated intercept and slope.

Question g. Estimate the selling price of a 10-year old car.

Age:X 9 7 11 12 8 7 8 11 10 12 6 6

Selling price : Y 1081 6167 3000 4123 5001 1089 7678 8980 8789 6987 8510 8123

Reference no: EM132658180

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