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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