The manager of a used-car dealership is very interested in the resale price of u
ID: 3361511 • Letter: T
Question
The manager of a used-car dealership is very interested in the resale price of used cars. The manager feels that the age of the car is important in determining the resale value. He collects data on the age and resale value of 15 cars and runs a regression analysis with the value of the car (in thousands of dollars) as the dependent variable and the age of the car (in years) as the independent variable. Unfortunately, the printout had lost some of the results, identified by"A" through"F". The partial results left are displayed below SUMMARY OUTPUT 0.-442 Multiple R R Square Adjusted R Square 0133 Standard Error Observations ANOVA 15.000 Ss 4.397 AMS 44.397 3.154 F Significance 0.09914 Residual Total 13 14076 227.389 Coefficients Standard Exror Stat P-valne .988 0.000 Age "E 0.640 1.776F What is the value of "C? A. 172.25 B 16242 C. 140.03 D. 182.99Explanation / Answer
Solution:- C = 182.992
SST = SSRegression + SSResidual
SSResidual = SST - SSRegression
C = SSResidual = 227.389 - 44.397
C = 182.992
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