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Test-existence of linear relationship between two variables

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Reference no: EM131699159

Question: In the situation of problem, test for the existence of a linear relationship between the two variables.

Problem: An article in Worth discusses the immense success of one of the world's most prestigious cars, the Aston Martin Vanquish. This car is expected to keep its value as it ages. Although this model is new, the article reports resale values of earlier Aston Martin models over various decades.

Decade:                                   1960s              1970s            1980s              1990s              2000s

Present value of Aston

Martin model(average):            $180,000           $40,000          $60,000         $160,000          $200,000

Based on these limited data, is there a relationship between age and average price of an Aston Martin? What are the limitations of this analysis? Can you think of some hidden variables that could affect what you are seeing in the data?

Reference no: EM131699159

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