In order to examine the relationship between the selling price of a used car and
ID: 3370877 • Letter: I
Question
In order to examine the relationship between the selling price of a used car and its age, an analyst uses data from 20 recent transactions and estimates Price = ?0 + ?1 Age + ?. A portion of the regression results is shown in the accompanying table
In order to examine the relationship between the selling price of a used car and its age, an analyst uses data from 20 recent transactions and estimates Price = ?0 + ?1 Age + ?. A portion of the regression results is shown in the accompanying table
Standard Errort Stat Coefficients Intercept21,288.96 -1,210.27 740.42 124.92 p-value 29.83 8.86E+17 2.43E+08 AgeExplanation / Answer
1) here test staistic=estimate /std error =-1210.27/124.92=-9.69
2) critical value for (n-2=18) df and 10% level =-/+ 1.734
3) test staistic=(-1210.27+1000)/124.92=-1.68
critical value for (n-2=18) df and 10% level =-/+ 1.734
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