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# Use the following to answer the questions below:Does the price of used cars depend upon the model? ...

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Posts: 130
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3 weeks ago
Use the following to answer the questions below:

Does the price of used cars depend upon the model? Data were collected on the selling price and age of used Hyundai Elantras (coded as Model = 1) and Toyota Camrys (coded as Model = 0). Output from the multiple regression analysis is provided.

The regression equation is Price = 14.5 - 0.619 Age - 3.63 Model

 Predictor Coef SE Coef T P Constant 14.4648 0.7059 20.49 0.000 Age -0.61922 0.04903 -12.63 0.000 Model -3.6343 0.7584 -4.79 0.000
S = 2.63465        R-Sq = 69.3%        R-Sq(adj) = 68.4%

Analysis of Variance

 Source DF SS MS F P Regression 2 1142.13 571.06 82.27 0.000 Residual Error 73 506.72 6.94 ​ ​ Total 75 1648.85 ​ ​ ​

Is the model effective according to the ANOVA test? Use α = 0.05. Include all details of the test.
Textbook

## Statistics: Unlocking the Power of Data

Edition: 3rd
Authors:
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kniemeier2kniemeier2
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