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Question

1. The Kelly blue book

Provides information on both and retail price of the cars. Following are age and price data for 10 randomly selected Corvettes between one and six years old. Here X denotes age in years and y denotes price in hundreds of dollars. Summary statistics are awesome given

x      6     6      6      2       2       5     4     5      1       4
y   270 260 275   405   364 295   335   308   405   305

Xbar =4.1

Y bar=322.2

Sxx=30.9

Syy=25681.6

Sxy=-862.2

e. Compute SST, SSR, and SSE
f. What proportion of the varaibility in resale price is explained by the linear relationship with age?
Calculate r.

Solution