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Home Q & A Board Science-Related Homework Help Mathematics Statistics and Probability
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bmh12e bmh12e
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1 months 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

PredictorCoefSE CoefTP
Constant14.46480.705920.490.000
Age-0.619220.04903-12.630.000
Model-3.63430.7584-4.790.000
S = 2.63465        R-Sq = 69.3%        R-Sq(adj) = 68.4%

Analysis of Variance

SourceDFSSMSFP
Regression21142.13571.0682.270.000
Residual Error73 506.726.94​​
Total751648.85​​​

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

Statistics: Unlocking the Power of Data


Edition: 3rd
Authors:
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kniemeier2kniemeier2
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bmh12e Author
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