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(Solved): II. What Is The Estimated Value Of The Resale Price In Dollars When The Kilometres Travelled Is 8 (â...

Question 6 Let Y represent the resale price of a used motorcycle and X represent the kilometres the motorcycle has traveled S

II. What is the estimated value of the resale price in dollars when the kilometres travelled is 8 (‘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 (Sβ1).
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

Question 6 Let Y represent the resale price of a used motorcycle and X represent the kilometres the motorcycle has traveled Suppose we have the following data showing the selling prices (in thousands of dollars) and their kilometres (in thousands) of a random sample of 6 motorcycles: Kilometres (x) (000 Resale price (000) 30 A regression analysis of Y against X using Excel yielded the output below: Kilometres travelled Price Correlation Analysis Klometres travelled Price -0.8735 SUMMARY OUTPUT Regression Statistics Multiple R 0.873491 R Square 0.762986 Adjusted R Square 0.703733 Standard Error 0.953181 Observations ANOVA dy F 12.87664 Significance F 0.022994526 Regression Residual Total 1 4 SS MS 11.6991211.69912 3634214 0.908553 15.33333 Intercept KM Travelled Coefficients 5.6350 -0.1663 Standard Error 0.6725 0.0454 Stot 8.3787 -3.5884 p-value 0.0011 0.0230 Use the excel results above to answer the following questions. I. Write down the estimated regression line = 8 +) and nterpret Bs.


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II. What is the estimated value of the resale price in dollars when the kilometres travelled is 8 (000) Kilometres? we have y=5.6350-0.1663*x for x=8 we get y=5.6350-0.1663*8 y= 4.3046 estimated re
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