Concept explainers
An automotive sales manager wishes to examine the relationship between age (years) and sales price
a. Construct a
b. Fit a quadratic regression model to predict price and state the
c. Predict the
d. Perform a residual analysis on the result and determine whether the regression model is
valid.
e. At the 0.05 level of significance, is there a significant quadratic relationship between age and price?
f. What is the p-value in (e)? interpret its meaning.
g. At the 0.05 level of significance, determine whether the quadratic model is a better fit than the linear model.
h. What is the p-value (g)? Interpret its meaning.
i. interpret the meaning of the coefficient of multiple determination.
j. Compute the adjusted
k. What conclusions can you reach concerning the relationship between age and price?
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Basic Business Statistics, Student Value Edition
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