Answer Happy

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). X 6 1 6 2 6 2 5 250 400 255 370 260 365 335 Σχ= 32. Σy = 2535. Σxy = 9300. Σ' = 158. Σ' = 827,475 у 300 2 (Σκ) - (Σκ) (Σ.) /n)? a. Compute SST, SSR, and SSE, using the formulas, SST = Ey? - (Emi) /n, SSR =- Xx?- (Ex) in and SSE = SST - SSR SST = SSR = SSE = (Round to two decimal places as needed.) (Round to two decimal places as needed.) (Round to two decimal places as needed.) = b. Compute the coefficient of determination, . 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. O Not very useful O Very useful