The owner of Maumee Ford-Mercury-Volvo wants to study therelationship between the age of a car and it selling price. Listedbelow is a random sample of 12 used cars sold at the dealershipduring the last year.
Car | Age (Years) | Selling Price ($000) |
1 | 9 | 8.1 |
2 | 7 | 6.0 |
3 | 11 | 3.6 |
4 | 12 | 4.0 |
5 | 8 | 5.0 |
6 | 7 | 10.0 |
7 | 8 | 7.6 |
8 | 11 | 8.0 |
9 | 10 | 8.0 |
10 | 12 | 6.0 |
11 | 6 | 8.6 |
12 | 6 | 8.0 |
The regression equation is Ŷ=11.18-0.49X, the sample size is 12and the standard error of the slope is 0.23. Use the .05significance level. Can we conclude that the slope of theregression line is less than zero?
(NEED ALL THE WORKINGS AND STEP)
