The owner of Maumee Ford-Mercury-Volvo wants to study the relationship between the age of a car...

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Basic Math

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 Å¶=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)

Answer & Explanation Solved by verified expert

4.5 Ratings (835 Votes)

SolutionGivenThe regression equation is 1118049XThus slope b1 049the sample size is 12 andthe standard error of the slope Sb1023Significance level 005We have to test if the See Answer

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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