The owner of Maumee Ford-Volvo wants to study the relationship between the age of a...
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Accounting
The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car and its selling price. Listed below is a random sample of 12 used cars sold at the dealership during 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 | ||||||||
Click here for the Excel Data File The regression equation is y=11.180.48x^=11.18-0.48 , the sample size is 12, and the standard error of the slope is 0.23. Use the 0.05 significance level. Can we conclude that the slope of the regression line is less than zero?
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