Discuss the relationship between the following sets of data: Car Age (in years) Price (in dollars) 4

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Discuss the relationship between the following sets of data:
Car Age (in years) Price (in dollars)
4 20,000
4 25,000
8 10,000
9 12,000
10 7,000
12 7,000
15 6,000
13 3.000
15 1,000
20 500
1- You are given data for Xi (independentvariable) and Yi (dependentvariable).
2- Calculate the correlation coefficient, r:
r= -1≤ r ≤ 1
3- Calculate the coefficient ofdetermination: r2 = =
0 ≤ r2 ≤ 1
This is the proportion of the variation in the dependentvariable (Yi) explained by the independent variable(Xi)
4- Calculate the regressioncoefficient b1 (theslope):
b1 = =
Note that you have already calculated the numerator and thedenominator for parts of r. Other than a single divisionoperation, no new calculations are required.
5- Calculate the regression coefficient b0 (theY-intercept, or constant):
b0 = =
6- The regression equation (a straight line) is:
=b0 +b1Xi
B. Excel regression analysis
Conclusion: