Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)
Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)
6th Edition
ISBN: 9781337115186
Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran
Publisher: Cengage Learning
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Textbook Question
Chapter 16.1, Problem 8E

Corvette, Ferrari, and Jaguar produced a variety of classic cars that continue to increase in value. The following data, based upon the Martin Rating System for Collectible Cars, show the rarity rating (1–20) and the high price ($1000) for 15 classic cars.

Chapter 16.1, Problem 8E, Corvette, Ferrari, and Jaguar produced a variety of classic cars that continue to increase in value.

  1. a. Develop a scatter diagram of the data using the rarity rating as the independent variable and price as the dependent variable. Does a simple linear regression model appear to be appropriate?
  2. b. Develop an estimated multiple regression equation with x = rarity rating and x2 as the two independent variables.
  3. c. Consider the nonlinear relationship shown by equation (16.7). Use logarithms to develop an estimated regression equation for this model.
  4. d. Do you prefer the estimated regression equation developed in part (b) or part (c)? Explain.
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Chapter 16 Solutions

Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)

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