The Toyota Camry is one of the best-selling cars in North America.
The cost of a previously owned Camry dep
mileage, and condition. To investigate the relationship between the car’s mileage and the sales price for Cam
price for 19 sales (PriceHub web site, February 24, 2012).
Miles (1,000s) Price ($1,000s)
22 16.2 a. Develop a scatter chart for these data with miles as the inde
29 16 scatter chart indicate about the relationship between price an
36 13.8
47 11.5
63 12.5 Toyota Camry Scatter Chart
77 12.9 18
73 11.2 16
87 13 14
92 11.8 12
Price ($1,000s)
101 10.8 10
110 8.3 8
28 12.5 6
59 11.1 4
68 15 2
68 12.2 0
0 20 40 60 80
91 13
Miles (1,000s)
42 15.6
65 12.7
110 8.3 b. Develop an estimated regression equation showing how pri
estimated regression model?
SUMMARY OUTPUT
Regression Statistics
Multiple R 0.73393282868
R Square 0.53865739701
Adjusted R Square 0.51151959683
Standard Error 1.5413769786
Observations 19
ANOVA
df
Regression 1
Residual 17
Total 18
Coefficients
Intercept 16.4697550331
X Variable 1 -0.0587739319
of a previously owned Camry depends on many factors, including the model year,
mileage and the sales price for Camrys, the following data show the mileage and sale
or these data with miles as the independent variable. What does the
the relationship between price and miles?
oyota Camry Scatter Chart
The scatter chart indicates that there may be a
negative linear relationship betweeb miles and
price.
40 60 80 100 120
Miles (1,000s)
gression equation showing how price is related to miles. What is the
?
y = 16.46975503 + -0.058773932 (x)
SS MS F Significance F
47.1580375885 47.1580375885 19.848970569 0.00034751105
40.3893308325 2.37584299015
87.5473684211
Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0%
0.94876415329 17.3591666338 2.986768E-12 14.4680376428 18.47147242341 14.468037642821
0.01319215518 -4.45521835259 0.000347511 -0.0866069464 -0.030940917373 -0.0866069463959
e may be a
miles and
Upper 95.0%
18.47147242341
-0.03094091737