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Answer:
Step-by-step explanation:
Hello!
Given the variables
Y: Cost of a previously owned Camry.
X: Mileage of a previously owned Camry.
Scatter plot in attachment.
As you can see in the scatter plot, the price of the previously owned Camry decreases as their mileage increases this suggest that there is a negative linear regression between these two variables.
Hypothesis test for the y-intercept
H₀: β₀ = 0
H₁: β₀ ≠ 0
Level of significance α: 0.01
p-value < 0.0001
The decision is to reject the null hypothesis. You can conclude that the population mean of the cost of a previously owned Camry, when the mileage is zero, is different from zero.
H₀: β = 0
H₁: β ≠ 0
Level of significance α: 0.01
p-value: 0.0003
The decision is to reject the null hypothesis. You can conclude that the population mean of the cost of a previously owned Camry is modified when the mileage increases in one unit.
