The Cadet is a popular model of sport utility vehicle. For a random sample of 28 Cadets, each bought "new" two years ago

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The Cadet Is A Popular Model Of Sport Utility Vehicle For A Random Sample Of 28 Cadets Each Bought New Two Years Ago 1 (109.09 KiB) Viewed 106 times

The Cadet is a popular model of sport utility vehicle. For a random sample of 28 Cadets, each bought "new" two years ago and each sold "used" within the past month, the sample correlation coefficient relating mileage and used selling price was -0.44. Based on this information, test for a significant linear relationship between the two variables mileage and used selling price by doing a hypothesis test regarding the population correlation coefficient p. (Assume that the two variables have bivariate normal distribution.) Use the 0.05 level of significance, and perform a two-tailed test. Then complete the parts below. (If necessary, consult a list of formulas.) (a) State the null hypothesis Ho and the alternative hypothesis H₁. H₂:0 H₁:0 (b) Determine the type of test statistic to use. (Choose one) ▼ (c) Find the value of the test statistic. (Round to three or more decimal places.) 0 (d) Find the two critical values at the 0.05 level of significance. (Round to three or more decimal places.) and (e) Based on the information, can we conclude (using the 0.05 level) that there is a significant linear relationship between mileage and used selling price for two-year-old Cadets? Yes No ß X 010 ロマロ O<O X Р μ 00 0=0 OSO 0*0 O<O 5 ?