Pearson eText for Basic Business Statistics -- Instant Access (Pearson+)
14th Edition
ISBN: 9780137400119
Author: MARK BERENSON, David Levine
Publisher: PEARSON+
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 18, Problem 9CRP
The file UsedCars contains attributes of cars that are currently part of an inventory of a used car dealership. The variables included car, year, age, price
You want to describe each of these variables, and you would like to predict the price of the used cars. Analyze the data.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
The Toyota Camry is one of the best-selling cars in North America. The cost of a previously owned Camry depends on many factors, including the
model year, mileage, and condition. To investigate the relationship between the car's mileage and the sales price for Camrys, the following data
show the mileage and sale price for 19 sales (PriceHub web site, February 24, 2012).
DATA file
Miles (1,000s)
Price ($1,000s)
22
16.2
29
16.0
36
13.8
47
11.5
63
12.5
77
12.9
73
11.2
87
13.0
92
11.8
101
10.8
110
8.3
28
12.5
59
11.1
68
15.0
68
12.2
91
13.0
42
15.6
65
12.7
110
8.3
Bicycling, the world's leading cycling magazine, reviews hundreds of bicycles throughout the year. Their "Road-Race" category contains reviews of bikes used by riders primarily interested in racing. One
of the most important factors in selecting a bike for racing is the weight of the bike. The following data show the weight (pounds) and price ($) for 10 racing bikes reviewed by the magazine (Bicycling
website).
DATA file
Brand
FELT F5
PINARELLO Paris
ORBEA Orca GDR
EDDY MERCKX EMX-7
BH RC1 Ultegra
BH Ultralight 386
CERVELO S5 Team
GIANT TCR Advanced 2
WILIER TRIESTINA Gran Turismo
(to 3 decimals)
Weight Price ($)
17.8
16.1
14.9
15.9
Did the estimated regression equation provide a good fit?
The estimated regression equation provided a - Select your answer - fit.
c. Predict the price for a bike that weighs 15 pounds.
(to whole number)
2100
6250
8370
6200
17.2
13.1
16.2
17.1
17.6
SPECIALIZED S-Works Amira SL4
14.1
8000
a. Use the data to develop an estimated regression equation that could…
Researchers initiated a long-term study of the population of American black bears. One aspect of the study was to develop a model that could be used to predict a bear's weight (since it is not practical to weigh bears in the field). One variable thought to be
related to weight is the length of the bear. The accompanying data represent the lengths and weights of 12 American black bears. Complete parts (a) through (d) below.
Click the icon to view the data table.
Click the icon to view the critical values table.
.....
(a) Which variable is the explanatory variable based on the goals of the research?
O A. The number of bears
B. The weight of the bear
O C. The length of the bear
(b) Draw a scatter diagram of the data. Choose the correct graph below.
O A.
O B.
O C.
D.
A Weight (kg)
180-
AWeight (kg)
180-
ALength (cm)
180-
A Weight (kg)
180-
40-
100
40-
100
Length (cm)
40-
100
40-
100
200
200
200
200
Length (cm)
Weight (kg)
Length (cm)
(c) Determine the linear correlation coefficient between…
Chapter 18 Solutions
Pearson eText for Basic Business Statistics -- Instant Access (Pearson+)
Ch. 18 - In many manufacturing processes, the term...Ch. 18 - Many factors determine the attendance at Major...Ch. 18 - Prob. 3CRPCh. 18 - Prob. 4CRPCh. 18 - Prob. 5CRPCh. 18 - The file Euro Tourism 2 contains a sample of 28...Ch. 18 - The file Philly contains a sample of 25...Ch. 18 - Prob. 8CRPCh. 18 - The file UsedCars contains attributes of cars that...Ch. 18 - A study was conducted to determine whether any...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Similar questions
- Does Table 2 represent a linear function? If so, finda linear equation that models the data.arrow_forwardIf you travel 100 miles in two hours, then your average speed for the trip is Average speed=_________=________arrow_forwardIf you graph a revenue and cost function, explain how to determine in what regions there is profit.arrow_forward
- Page of 11 ZOOM + 5. The table shows how the cost of a carne asada taco at my favorite taco stand has increased as they have become more popular since their opening in 2013. Use the data to answer the questions below. Year, x 2013, 0 2014, 1 2015, 2 2016, 3 2017, 4 2018, 5 2019,6 Cost ($) 0.50 0.55 0.65 0.75 0.90 1.00 1.10 (a) What is the regression line given by your TI-84 for this data? Round values to 3 decimal places. (b) Using the regression equation above, predict the cost of a carne asada taco at my favorite taco stand in 2020. Show the work.arrow_forwardDraw a scatter diagram with square feet of living space as the independent variable and selling price as the dependent variable and describe variable and describe the relationship between the size of a house and the selling price.arrow_forwardWhat is the variable being examined for individuals in the population(s)? Amount of alcohol consumed by each person per year. Average number of Americans who consume alcohol. Amount of alcohol sold per year. Whether or not a person consumes alcohol. info: The average American consumes 100 liters of alcohol per year. Does the average college student consume less alcohol per year? A researcher surveyed 13 randomly selected college students and found that they averaged 85.7 liters of alcohol consumed per year with a standard deviation of 21 liters.arrow_forward
- 16 20 40 60 80 100 Miles (1000s) 120 Scatter diagram 1 b. What does the scatter diagram developed in part (a) indicate about the relationship between the two variables? Negative relationship c. Develop the estimated regression equation that could be used to predict the price ($1000s) (to 4 decimals). 16.469 .0588 I d. Test for a significant relationship at the 0.05 level of significance (to 3 decimals). p-value= less than α = 0.05. e. Did the estimated regression equation provide a good fit? Yes f. Provide terpretation for the slope of the estimated regression equation (to 4 decimals but dollar value to the nearest cent). Enter negative values as negative numbers. The slope of the estimated regression is -.0588. Therefore, every additional 1,000 miles on the car's odometr will result in a $ predicted price. decrease in the g. 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…arrow_forwardThe following table shows the length, in centimeters, of the humerus and the total wingspan, in centimeters, of several pterosaurs, which are extinct flying reptiles.arrow_forwardClassify the following variables into qualitative/quantitative and discrete/continuous/nominal/ordinal.arrow_forward
- The Toyota Camry is one of the best-selling cars in North America. The cost of a previously owned Camry depends on many factors, including the model year, mileage, and To investigate the relationship between the car’s mileage and the sales price for Camrys, the following data show the mileage and sale price for 19 sales (PriceHub Web site, February 24, 2012). Miles (1000s) Price ($1,000s) 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 10.5 110 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 Develop an estimated regression equation…arrow_forwardI need help with this problem please.arrow_forwardThe data in the picture contains purchase data for golf purchases. Create a doughnut chart in Excel to compare the purchases by gender each year with the US population. Below the chart, explain what it illustrates.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw Hill
Big Ideas Math A Bridge To Success Algebra 1: Stu...AlgebraISBN:9781680331141Author:HOUGHTON MIFFLIN HARCOURTPublisher:Houghton Mifflin Harcourt
Elementary AlgebraAlgebraISBN:9780998625713Author:Lynn Marecek, MaryAnne Anthony-SmithPublisher:OpenStax - Rice University
Holt Mcdougal Larson Pre-algebra: Student Edition...AlgebraISBN:9780547587776Author:HOLT MCDOUGALPublisher:HOLT MCDOUGAL
College AlgebraAlgebraISBN:9781305115545Author:James Stewart, Lothar Redlin, Saleem WatsonPublisher:Cengage Learning
Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill
Big Ideas Math A Bridge To Success Algebra 1: Stu...
Algebra
ISBN:9781680331141
Author:HOUGHTON MIFFLIN HARCOURT
Publisher:Houghton Mifflin Harcourt
Elementary Algebra
Algebra
ISBN:9780998625713
Author:Lynn Marecek, MaryAnne Anthony-Smith
Publisher:OpenStax - Rice University
Holt Mcdougal Larson Pre-algebra: Student Edition...
Algebra
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
College Algebra
Algebra
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:Cengage Learning
Correlation Vs Regression: Difference Between them with definition & Comparison Chart; Author: Key Differences;https://www.youtube.com/watch?v=Ou2QGSJVd0U;License: Standard YouTube License, CC-BY
Correlation and Regression: Concepts with Illustrative examples; Author: LEARN & APPLY : Lean and Six Sigma;https://www.youtube.com/watch?v=xTpHD5WLuoA;License: Standard YouTube License, CC-BY