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Example 162/163tech
Lecture Examples
Example 162: Find the least squares prediction line for the following pre-owned Corvette data
Age 6 6 5 2 2 5 4 5 1 4
Price 27000 26000 27500 40500 36400 29500 33500 30800 40500 30500
Here is the work performed by Minitab (the price values are expressed in ten thousands):
Coefficients
Term Coef SE Coef T-Value P-Value
Constant 4.386 0.128 34.21 0.000
Age -0.2911 0.0296 -9.84 0.000
Example 163: What would the average price be for a Corvette that was three years old?