The Red Book is an Australian company that provides valuation information on the wholesale and retail prices of cars. Taking a random sample of used cars for sale from their database, sampling only for the same model and manufacture year of car, it is possible to model the relationship between the price of car (measured in thousands of dollars) and the number of kilometers it has been driven (measured in thousands of kilometers). A least squares (LS) estimation is applied to estimate the regression model and some summary statistics are shown in the following table. mean var COV sum of squares sample size (n) sum of squared residuals table intercept slope Use this information to answer all the questions below. (a) Fill the blanks in the regression table. estimate [a] Kilometers ('000s) 100.64 54.99 20.66 896084.17 88.00 598.38 [e] s.e. [b] [f] Price ($,000s) 65.96 14.64 t [c] [g] p-value [d] [h] In your answer, you may arrange the values as in the above output table or simply write [a]=XXX, ..., [h]=XXX. (b) What is the value of R2 (R-squared)
The Red Book is an Australian company that provides valuation information on the wholesale and retail prices of cars. Taking a random sample of used cars for sale from their database, sampling only for the same model and manufacture year of car, it is possible to model the relationship between the price of car (measured in thousands of dollars) and the number of kilometers it has been driven (measured in thousands of kilometers). A least squares (LS) estimation is applied to estimate the regression model and some summary statistics are shown in the following table. mean var COV sum of squares sample size (n) sum of squared residuals table intercept slope Use this information to answer all the questions below. (a) Fill the blanks in the regression table. estimate [a] Kilometers ('000s) 100.64 54.99 20.66 896084.17 88.00 598.38 [e] s.e. [b] [f] Price ($,000s) 65.96 14.64 t [c] [g] p-value [d] [h] In your answer, you may arrange the values as in the above output table or simply write [a]=XXX, ..., [h]=XXX. (b) What is the value of R2 (R-squared)
Linear Algebra: A Modern Introduction
4th Edition
ISBN:9781285463247
Author:David Poole
Publisher:David Poole
Chapter7: Distance And Approximation
Section7.3: Least Squares Approximation
Problem 31EQ
Related questions
Question
![The Red Book is an Australian company that provides valuation information on the wholesale and
retail prices of cars. Taking a random sample of used cars for sale from their database, sampling
only for the same model and manufacture year of car, it is possible to model the relationship
between the price of car (measured in thousands of dollars) and the number of kilometers it has
been driven (measured in thousands of kilometers).
A least squares (LS) estimation is applied to estimate the regression model and some summary
statistics are shown in the following table.
mean
var
COV
table
intercept
slope
sum of squares
sample size (n)
sum of squared residuals
Use this information to answer all the questions below.
(a) Fill the blanks in the regression table.
estimate
[a]
Kilometers
('000s)
100.64
54.99
20.66
[e]
896084.17
88.00
598.38
s.e.
[b]
[f]
Price
($, 000s)
65.96
14.64
t
[c]
[g]
p-value
[d]
[h]
In your answer, you may arrange the values as in the above output table or simply write [a]=XXX, ...,
[h]=XXX.
(b) What is the value of R2 (R-squared)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3933e659-0e4e-4082-b0d0-cddeecd047c4%2F7553c09c-0f91-45ca-bb91-d17ee1120e72%2F35z00i_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The Red Book is an Australian company that provides valuation information on the wholesale and
retail prices of cars. Taking a random sample of used cars for sale from their database, sampling
only for the same model and manufacture year of car, it is possible to model the relationship
between the price of car (measured in thousands of dollars) and the number of kilometers it has
been driven (measured in thousands of kilometers).
A least squares (LS) estimation is applied to estimate the regression model and some summary
statistics are shown in the following table.
mean
var
COV
table
intercept
slope
sum of squares
sample size (n)
sum of squared residuals
Use this information to answer all the questions below.
(a) Fill the blanks in the regression table.
estimate
[a]
Kilometers
('000s)
100.64
54.99
20.66
[e]
896084.17
88.00
598.38
s.e.
[b]
[f]
Price
($, 000s)
65.96
14.64
t
[c]
[g]
p-value
[d]
[h]
In your answer, you may arrange the values as in the above output table or simply write [a]=XXX, ...,
[h]=XXX.
(b) What is the value of R2 (R-squared)
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