The Honda Accord was named the best midsized car for resale value for 2018 by the Kelley Blue Book (Kelley Blue Book website). The file AutoResale contains mileage, age, and selling price for a sample of 33 Honda Accords. Click on the datafile logo to reference the data. DATA file a. Develop an estimated regression equation that predicts the selling price of a used Honda Accord given the mileage and age of the car (to 2 decimals). Enter negative value as negative number. Selling price= 20385.25 + -0.04 Mileage + -686.34 Age b. Is multicollinearity an issue for this model? Find the correlation between the independent variables to answer this question (to 2 decimals). The correlation between age and mileage is 0.668 I. Since the correlation between the independent variables is less than 0.70, we conclude that multicollinearity is an issue. II. Since the correlation between the independent variables is less than 0.70, we conclude that multicollinearity is not an issue. III. Since the correlation between the independent variables is greater than 0.70, we conclude that multicollinearity is an issue. IV. Since the correlation between the independent variables is greater than 0.70, we conclude that multicollinearity is not an issue. II c. Use the F test to determine the overall significance of the relationship (to 2 decimals). What is your conclusion at the 0.05 level of significance? Use F table. Overall Model F value 290.84 p-value less than 0.01 Significance at a = 0.05 significant v

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Price Mileage
16998
35000
17599
16000
15998
42000
15998
61000
11599 102000
13998
109000
14998
60000
11599
88000
12599 58000
14998
27000
15998
32000
11599
95000
10499 123000
14599
54000
10599
68000
16998
40000
20998
7000
11599
81000
12599
70000
13599
86000
11599
92000
9599 120000
18998
20000
12599
63000
12599
70000
10998
88000
11998 86000
12998 60000
17599
45000
9998
96000
9998
60000
16998
36000
17599 45000
Age
3
3
3
st
4
7
st
4
5
9
8
6
st
8
00
5
11
4
1
9
65
7
10
2
7
6
10
6
162
11
11
2
2

Transcribed Image Text:The Honda Accord was named the best midsized car for resale value for 2018 by the Kelley Blue Book (Kelley Blue Book website). The file AutoResale contains mileage, age, and selling price for a sample of 33 Honda Accords. Click on the datafile logo to reference the data. DATA file a. Develop an estimated regression equation that predicts the selling price of a used Honda Accord given the mileage and age of the car (to 2 decimals). Enter negative value as negative number. Selling price = 20385.25 + -0.04 Mileage + -686.34 Age b. Is multicollinearity an issue for this model? Find the correlation between the independent variables to answer this question (to 2 decimals). The correlation between age and mileage is I. Since the correlation between the independent variables is less than 0.70, we conclude that multicollinearity is an issue. II. Since the correlation between the independent variables is less than 0.70, we conclude that multicollinearity is not an issue. III. Since the correlation between the independent variables is greater than 0.70, we conclude that multicollinearity is an issue. IV. Since the correlation between the independent variables is greater than 0.70, we conclude that multicollinearity is not an issue. II c. Use the F test to determine the overall significance of the relationship (to 2 decimals). What is your conclusion at the 0.05 level of significance? Use F table. Mileage F value Age 290.84 Overall Model significant d. Use the t test to determine the significance of each independent variable (to 2 decimals). What is your conclusion at the 0.05 level of significance? Use t table. Enter negative value as negative number. 0.668 t value -6.98 -12.51 p-value less than 0.01 p-value less than 0.01 less than 0.01 Significance at a = 0.05 V Significance at a = 0.05 significant significant

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