Simple_linear_regression_example

Simple_linear_regression_example - Example Simple Linear...

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Example – Simple Linear Regression The following table displays the data on age and price for a sample of 11 Orions. (1) Determine the regression equation for the data. (Sec. 11.2) (2) Use the regression equation to predict the price of a 3-year-old Orion and 11-year- old Orion. Age (yrs) Price ($100s) x y 5 85 4 103 6 70 5 82 5 89 5 98 6 66 6 95 2 169 7 70 7 48
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(3) Find an estimate for the value of σ 2 for the data on age and price for a sample of 11 Orions. (Sec 11.3) (4) Find the value of r 2 for the data on age and price for a sample of 11 Orions and interpret. (Sec 11.7) (5) Find the value of r for the data on age and price for a sample of 11 Orions. (Sec 11.6) (6) Conduct a test (at α = 0.05) to determine if price is linearly related to age. (Sec 11.5) (7) Find a 95% CI for β 1 . (Sec 11.5) (8) Obtain a 95% confidence interval for the mean price of all 3-year-old Orions. (9) Obtain a 95% prediction interval for the price of a 3-year-old Orions.
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Age Price 7 6 5 4 3 2 175 150 125 100 75 50 Scatterplot of Price vs Age
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Regression Analysis: Price versus Age
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