(Solved): II. What Is The Estimated Value Of The Resale Price In Dollars When The Kilometres Travelled Is 8 (â...
II. What is the estimated value of the resale price in dollars
when the kilometres travelled is 8 (â€˜000) Kilometres?
III. Determine the error in the estimate of Y when X = 8 and Y=4?
b. I. What is the value of SSE?
II. What is the value of the standard error of the estimate (Se)?
III. What is the value of the coefficient of determination (R2 )? Interpret it.
c. I. Write down the estimated value of the standard error of the slope coefficient (SÎ²1).
II. Test whether a negative linear relationship exists between the two variables at the 5% level of significance.
Step 1. Statement of the hypotheses
Step 2. Test statistic and standardised test statistic
Step 3. Level of significance
Step 4. Decision rule
Step 5. Computation
Step 6. Conclusion