Beachcomber Ltd in a local car dealership that sells used and new vehicles. The manager of the company wants to know how different variables affect the sales of his vehicles. A random sample of yearly data was taken with the view to testing the model: SALES=a+BAGE+YMIL+8ENG Where SALES= amount that a vehicle is sold for($000's), AGE = age of the vehicle, MIL= the total mileage of the vehicle at the point of sale and ENG = the size of the engine. The sample of data was processed using MINITAB and the following is an extract of the output obtained:

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter5: A Survey Of Other Common Functions
Section5.3: Modeling Data With Power Functions
Problem 6E: Urban Travel Times Population of cities and driving times are related, as shown in the accompanying...
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M M
O ?M 99% Í 8:20 PM
Beachcomber Ltd in a local car dealership that sells used and new vehicles. The manager of the
company wants to know how different variables affect the sales of his vehicles. A random sample of
yearly data was taken with the view to testing the model:
SALES=a+BAGE+YMIL+8ENG
Where SALES= amount that a vehicle is sold for($000's), AGE = age of the vehicle, MIL= the total
mileage of the vehicle at the point of sale and ENG = the size of the engine. The sample of data was
processed using MINITAB and the following is an extract of the output obtained:
The regression equation is *****
Predictor
Coef
StDev
t-ratio
p-value
Constant
1.7586
0.2525
6.9648
0.0000
AGE
0.2124
0.3175
0.5042
MIL
-0.7527
0.3586
-2.0991
**
ENG
4.8124
0.6196
7.7664
0.0000
Analysis of Variance
Source
DF
SS
MS
F
Regression
413.1291
138.7097
0.00
***
Error
50
457.7607
2.2888
Total
53
Transcribed Image Text:M M O ?M 99% Í 8:20 PM Beachcomber Ltd in a local car dealership that sells used and new vehicles. The manager of the company wants to know how different variables affect the sales of his vehicles. A random sample of yearly data was taken with the view to testing the model: SALES=a+BAGE+YMIL+8ENG Where SALES= amount that a vehicle is sold for($000's), AGE = age of the vehicle, MIL= the total mileage of the vehicle at the point of sale and ENG = the size of the engine. The sample of data was processed using MINITAB and the following is an extract of the output obtained: The regression equation is ***** Predictor Coef StDev t-ratio p-value Constant 1.7586 0.2525 6.9648 0.0000 AGE 0.2124 0.3175 0.5042 MIL -0.7527 0.3586 -2.0991 ** ENG 4.8124 0.6196 7.7664 0.0000 Analysis of Variance Source DF SS MS F Regression 413.1291 138.7097 0.00 *** Error 50 457.7607 2.2888 Total 53
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