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Suppose you are interested in buying a new Lincoln Navig with different options. The list price is on the vehicle. As a this model with its options. The following data are based be the dealer invoice (in thousands of dollars) for the give

Suppose you are interested in buying a new Lincoln Navig with different options. The list price is on the vehicle. As a this model with its options. The following data are based be the dealer invoice (in thousands of dollars) for the give

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.5: Comparing Sets Of Data
Problem 26PFA
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Suppose you are interested in buying a new Lincoln Navigator or Town Car. You are standing on the sales lot looking at a model with different options. The list price is on the vehicle. As a salesperson approaches, you wonder what the dealer invoice price is for this model with its options. The following data are based on a random selection of these cars of different models and options. Let y be the dealer invoice (in thousands of dollars) for the given vehicle. X y 31.2 34.3 36.1 44.0 29.8 30.0 32.0 42.1 (a) Verify that Ex = 193.4, Ey = 176.1, Ex² = 7673.98, Ey2 = 6365.29, Exy = 6983.52, and r≈ 0.969. ΣΧ 193.4 2y 176.1 Σχ2 7673.98 Σy2 6365.29 Exy 6983.52 r 0.969 47.8 42.2 (c) Verify that Se≈ 1.8281, a≈ 0.8021, and b≈ 0.8898. Se 1.8281 a 0.8021 b 0.8898 (d) Find the predicted dealer invoice when the list price is x = 36 (thousand dollars). (Use 2 decimal places.) 32.83 (e) Find a 99% confidence interval for y when x = 36 (thousand dollars). (Use 2 decimal place.) lower limit 34.17 upper limit 37.82 X X (f) Use a 1% level of significance to test the claim that ß> 0. (Use 2 decimal places.) t 6.76 critical t 5.84 Conclusion O Reject the null hypothesis, there is sufficient evidence that ß > 0. Reject the null hypothesis, there is insufficient evidence that ß > 0. O Fail to reject the null hypothesis, there is insufficient evidence that ß > 0. Fail to reject the null hypothesis, there is sufficient evidence that ß > 0. (g) Find a 99% confidence interval for ß and interpret its meaning. (Use 3 decimal places.) lower limit upper limit Interpretation X X
Transcribed Image Text:Suppose you are interested in buying a new Lincoln Navigator or Town Car. You are standing on the sales lot looking at a model with different options. The list price is on the vehicle. As a salesperson approaches, you wonder what the dealer invoice price is for this model with its options. The following data are based on a random selection of these cars of different models and options. Let y be the dealer invoice (in thousands of dollars) for the given vehicle. X y 31.2 34.3 36.1 44.0 29.8 30.0 32.0 42.1 (a) Verify that Ex = 193.4, Ey = 176.1, Ex² = 7673.98, Ey2 = 6365.29, Exy = 6983.52, and r≈ 0.969. ΣΧ 193.4 2y 176.1 Σχ2 7673.98 Σy2 6365.29 Exy 6983.52 r 0.969 47.8 42.2 (c) Verify that Se≈ 1.8281, a≈ 0.8021, and b≈ 0.8898. Se 1.8281 a 0.8021 b 0.8898 (d) Find the predicted dealer invoice when the list price is x = 36 (thousand dollars). (Use 2 decimal places.) 32.83 (e) Find a 99% confidence interval for y when x = 36 (thousand dollars). (Use 2 decimal place.) lower limit 34.17 upper limit 37.82 X X (f) Use a 1% level of significance to test the claim that ß> 0. (Use 2 decimal places.) t 6.76 critical t 5.84 Conclusion O Reject the null hypothesis, there is sufficient evidence that ß > 0. Reject the null hypothesis, there is insufficient evidence that ß > 0. O Fail to reject the null hypothesis, there is insufficient evidence that ß > 0. Fail to reject the null hypothesis, there is sufficient evidence that ß > 0. (g) Find a 99% confidence interval for ß and interpret its meaning. (Use 3 decimal places.) lower limit upper limit Interpretation X X
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