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=?+?AGE+?MIL+?ENG 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:   a) What is dependent and independent variables?  b) Fully write out the regression equation  c) Fill in the missing values ‘*’, ‘**’, and ‘***’.

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
icon
Related questions
Topic Video
Question

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=?+?AGE+?MIL+?ENG

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:

 

  1. a) What is dependent and independent variables? 
  2. b) Fully write out the regression equation 
  3. c) Fill in the missing values ‘*’, ‘**’, and ‘***’. 
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
s
MS
Regression
3
413.1291
138.7097
0.00
***
Error
50
457.7607
2.2888
Total
53
Transcribed Image Text: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 s MS Regression 3 413.1291 138.7097 0.00 *** Error 50 457.7607 2.2888 Total 53
Expert Solution
steps

Step by step

Solved in 3 steps with 3 images

Blurred answer
Knowledge Booster
Data Collection, Sampling Methods, and Bias
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
  • SEE MORE QUESTIONS
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman