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[Solution Library] The owner of Maumee Ford-Mercury wants to study the relationship between the age of a car and its selling price. Listed below is a random sample

Question: The owner of Maumee Ford-Mercury 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 Price
1 9 8.1
2 7 6
3 11 3.6
4 12 4
5 8 5
6 7 10
7 8 7.6
8 11 8
9 10 8
10 12 6
11 6 8.6
12 6 8
  1. if we want to estimate selling price on the basis of the age of the car, which variable is
    the dependent variable and which is the independent variable?
  2. Draw a scatter diagram.
  3. Determine the coefficient of correlation.
  4. Determine the coefficient of determination.
  5. Interpret these statistics. Does it surprise you that the relationship is inverse?

Price: $2.99
Solution: The downloadable solution consists of 3 pages
Deliverable: Word Document


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