Question
The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car...
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 | ||||||||
1-Determine the standard error of estimate.
Homework Answers
Answer #1
| SSE =Syy-(Sxy)2/Sxx= | 30.001882 | |
| s2 =SSE/(n-2)= | 3.0002 | |
| standard error = | =se =√s2= | 1.7321 |
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