4 Following are age and price data for 8 randomly selected ambulances between 1 and 6 years old. Here, x denotes age, in

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4 Following Are Age And Price Data For 8 Randomly Selected Ambulances Between 1 And 6 Years Old Here X Denotes Age In 1 (41.94 KiB) Viewed 17 times

4 Following are age and price data for 8 randomly selected ambulances between 1 and 6 years old. Here, x denotes age, in years, and y denotes price, in hundreds of dollars. Use the information to do parts (a) through (d). 6 1 6 2 6 2 5 у 260 390 245 370 250 350 335 305 Σχ= 32. Σ - = 2505, 2xy = 9225, Xx? = 158, y2 = 806,875 . a. Compute SST, SSR, and SSE, using the formulas, SST = Ey?- (Eyi)/n, SSR= (Exy-(Exi) (Exi) /n)? Xx?-(Ex)2/n n, and SSE = SST-SSR. 2/ SST = SSR = (Round to two decimal places as needed.) (Round to two decimal places as needed.) (Round to two decimal places as needed.) SSE = b. Compute the coefficient of determination, 2. 2 (Round to four decimal places as needed.) c. Determine the percentage of variation in the observed values of the response variable explained by the regression, and interpret your answer. (Round to two decimal places as needed.) d. State how useful the regression equation appears to be for making predictions. Choose the correct answer below. Not very useful O Very useful