MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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### Transcription of Educational Content

**Scatter Diagram and Regression Analysis Exercise**

**Graph Explanation:**

The graph displayed is a scatter plot depicting a relationship between two variables: "Miles (1000s)" on the x-axis and "Price ($1000s)" on the y-axis. Each point on the graph represents a data pair showing the price of a car in thousands of dollars corresponding to the miles (in thousands) driven.

#### Questions:

**b. Interpretation of Scatter Diagram:**
What does the scatter diagram developed in part (a) indicate about the relationship between the two variables?
- **Select your answer**

**c. Estimation of Regression Equation:**
Develop the estimated regression equation that could be used to predict the price ($1000s) (to four decimals).
\[ \hat{y} =\ \_\_\_\_ \ -\ \_\_\_ \ x \]

**d. Significance Testing:**
Test for a significant relationship at the 0.05 level of significance (to three decimals).
\[ \text{p-value} =\ \_\_\_\_ \ \text{- Select your answer -} \ \alpha = 0.05 \]

**e. Goodness of Fit Evaluation:**
Did the estimated regression equation provide a good fit?
- **Select your answer**

**f. Interpretation of the Slope:**
Provide an interpretation for the slope of the estimated regression equation (to four decimals but dollar value to the nearest cent). Enter negative values as negative numbers.
- The slope of the estimated regression is \_\_\_\_ . Therefore, every additional 1,000 miles on the car's odometer will result in a $ \_\_\_\_ decrease in the predicted price.

**g. Price Prediction:**
Suppose that you are considering purchasing a previously owned 2007 Camry that has been driven 60,000 miles. Using the estimated regression equation developed in part (c), predict the price for this car (round to nearest dollar).
- $ \_\_\_

Is this the price you would offer the seller?
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Transcribed Image Text:### Transcription of Educational Content **Scatter Diagram and Regression Analysis Exercise** **Graph Explanation:** The graph displayed is a scatter plot depicting a relationship between two variables: "Miles (1000s)" on the x-axis and "Price ($1000s)" on the y-axis. Each point on the graph represents a data pair showing the price of a car in thousands of dollars corresponding to the miles (in thousands) driven. #### Questions: **b. Interpretation of Scatter Diagram:** What does the scatter diagram developed in part (a) indicate about the relationship between the two variables? - **Select your answer** **c. Estimation of Regression Equation:** Develop the estimated regression equation that could be used to predict the price ($1000s) (to four decimals). \[ \hat{y} =\ \_\_\_\_ \ -\ \_\_\_ \ x \] **d. Significance Testing:** Test for a significant relationship at the 0.05 level of significance (to three decimals). \[ \text{p-value} =\ \_\_\_\_ \ \text{- Select your answer -} \ \alpha = 0.05 \] **e. Goodness of Fit Evaluation:** Did the estimated regression equation provide a good fit? - **Select your answer** **f. Interpretation of the Slope:** Provide an interpretation for the slope of the estimated regression equation (to four decimals but dollar value to the nearest cent). Enter negative values as negative numbers. - The slope of the estimated regression is \_\_\_\_ . Therefore, every additional 1,000 miles on the car's odometer will result in a $ \_\_\_\_ decrease in the predicted price. **g. Price Prediction:** Suppose that you are considering purchasing a previously owned 2007 Camry that has been driven 60,000 miles. Using the estimated regression equation developed in part (c), predict the price for this car (round to nearest dollar). - $ \_\_\_ Is this the price you would offer the seller?
The Toyota Camry is one of the best-selling cars in North America. The cost of a previously owned Camry depends upon many factors, including the model year, mileage, and condition. To investigate the relationship between the car's mileage and the sales price for a 2007 model year Camry, the following data show the mileage and sale price for 19 sales (*PriceHub* website).

| Miles (1000s) | Price ($1000s) |
|---------------|---------------|
| 22            | 16.2          |
| 29            | 16.0          |
| 36            | 13.8          |
| 47            | 11.5          |
| 63            | 12.5          |
| 77            | 12.9          |
| 73            | 11.2          |
| 87            | 13.0          |
| 92            | 11.8          |
| 101           | 10.8          |
| 110           | 8.3           |
| 28            | 12.5          |
| 59            | 11.1          |
| 68            | 15.0          |
| 68            | 12.2          |
| 91            | 13.0          |
| 42            | 15.6          |
| 65            | 12.7          |
| 110           | 8.3           |

If your answer is zero, enter "0".

a. Select a scatter diagram with the car mileage on the horizontal axis and the price on the vertical axis.
expand button
Transcribed Image Text:The Toyota Camry is one of the best-selling cars in North America. The cost of a previously owned Camry depends upon many factors, including the model year, mileage, and condition. To investigate the relationship between the car's mileage and the sales price for a 2007 model year Camry, the following data show the mileage and sale price for 19 sales (*PriceHub* website). | Miles (1000s) | Price ($1000s) | |---------------|---------------| | 22 | 16.2 | | 29 | 16.0 | | 36 | 13.8 | | 47 | 11.5 | | 63 | 12.5 | | 77 | 12.9 | | 73 | 11.2 | | 87 | 13.0 | | 92 | 11.8 | | 101 | 10.8 | | 110 | 8.3 | | 28 | 12.5 | | 59 | 11.1 | | 68 | 15.0 | | 68 | 12.2 | | 91 | 13.0 | | 42 | 15.6 | | 65 | 12.7 | | 110 | 8.3 | If your answer is zero, enter "0". a. Select a scatter diagram with the car mileage on the horizontal axis and the price on the vertical axis.
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