Emily Smith decides to buy a fuel-efficient used car. Here are several vehicles she is considering, with the estimated cost to purchase and the age of the vehicle.
Vehicle Estimated Cost Age
Honda Insight $ 5,555 8
Toyota Prius $ 17,888 3
Toyota Prius $ 9,963 6
Toyota Echo $ 6,793 5
Honda Civic Hybrid $ 10,774 5
Honda Civic Hybrid $ 16,310 2
Chevrolet Prizm $ 2,475 8
Mazda Protege $ 2,808 10
Toyota Corolla $ 7,073 9
Acura Integra $ 8,978 8
Scion xB $ 11,213 2
Scion xA $ 9,463 3
Mazda3 $ 15,055 2
Mini Cooper $ 20,705 2
b. Find the correlation coefficient. (Negative value should be indicated by a minus sign. Round your answer to 3 decimal places.)
Coefficient of correlation_____
c. A regression analysis was performed and the resulting regression equation is Estimated Cost = 18358 − 1534 age. Interpret the meaning of the slope.
For each increase of 1 year in the age of the car that the estimated cost on average by $1534.
d. Estimate the cost of a five-year-old car. (Round your answer to the nearest whole number.)
Five-year-old car: $_____
f. Using the 0.10 significance level, test the significance of the slope. Interpret the result. Is there a significant relationship between the two variables?
f-1. Choose the appropriate hypotheses.
H0: β < 0 H1: β > 0 or H0: β = 0 H1: β ≠ 0
f-2. Specify the decision rule. (Negative value should be indicated by a minus sign. Round your answers to 3 decimal places.)
Reject H0 if t is not between _____ and ______.
.
f-3. Find the test statistic. (Negative value should be indicated by a minus sign. Round your answer to 2 decimal places.)
t:_____
I need help with this by tonight. Thanks!
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