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Use the following to answer the questions below:Data were collected on the age (in years), mileage ...

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Use the following to answer the questions below:Data were collected on the age (in years), mileage ...

Use the following to answer the questions below:

Data were collected on the age (in years), mileage (in thousands of miles), and price (in thousands of dollars) of a random sample of used Hyundai Elantras. Output from two models are provided.

Single Predictor Model:
The regression equation is Price = 13.8 - 0.0912 Mileage

Predictor	Coef	SE Coef	T	P
Constant	13.7751	0.6930	19.88	0.000
Mileage	-0.091167	0.009718	-9.38	0.000

Two Predictor Model:
The regression equation is Price = 15.2 - 0.0101 Mileage - 1.55 Age

Predictor	Coef	SE Coef	T	P
Constant	15.2174	0.6112	24.90	0.000
Mileage	-0.01005	0.01977	-0.51	0.616
Age	-1.5466	0.3508	-4.41	0.000

S = 1.39445 R-Sq = 89.0% R-Sq(adj) = 88.0%

Analysis of Variance

Source	DF	SS	MS	F	P
Regression	2	346.11	173.06	89.00	0.000
Residual Error	22	42.78	1.94
Total	24	388.89

Is mileage a significant single predictor of the price of used Hyundai Elantras? Use α = 0.05. Include all details of your test.

Textbook

Statistics: Unlocking the Power of Data

Edition: 3^rd

Authors: Lock, Morgon

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