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warrenrulez warrenrulez
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A month 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

A histogram of the residuals and a scatterplot of the residuals versus the predicted values are provided. Discuss whether the conditions for a multiple linear regression are reasonable by referring to the appropriate plots.

A histogram depicts the results of the conditions for a multiple linear regression. The horizontal axis is labeled, Residuals and has markings from negative 6 to 6 in increments of 3. The vertical axis is labeled, frequency and ranges from 0 to 20 in increments of 5. The plotted bars are approximately bell-shaped. From negative 6 to 6, the bars extend up to counts, 1, 1, 4, 15, 20, 10, 4, 3, and 1. All values are approximate.
A scatterplot with a regression line shows the relationship between predicted price and residual. The horizontal axis is labeled, Predicted price and ranges from 0 to 20 in increments of 5. The vertical axis is labeled, Residual and has markings from negative 5.0 to 7.5 in increments of 2.5. The regression line starts from (negative 5, 0.0), extends horizontally to the right, and ends at (21, 0.0). The dots are scattered throughout the regression line, such that a few dots lie above the regression line, a few dots lie below the regression line, and a few dots lie on the regression line. The dots are plotted between the points, negative 4 to 18 on the horizontal axis and between the points, negative 5.5 to 5.5 on the vertical axis. The concentration of the dots is more between the points 5.5 and 14 on the horizontal axis and between the points, negative 2.5 and 2.5 on the vertical axis. An outlier lie is at the point, (negative 4, 5.5). All values are approximate.
Textbook 
Statistics: Unlocking the Power of Data

Statistics: Unlocking the Power of Data


Edition: 3rd
Authors:
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pedro0811pedro0811
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A month ago
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warrenrulez Author
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A month ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
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Yesterday
Thank you, thank you, thank you!
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2 hours ago
Thanks for your help!!
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