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All the efficiency money can buy 2011 A sample of 84 model-2011 cars from an online

Stats Modeling the World | 4th Edition | ISBN: 9780321854018 | Authors: David E. Bock, Paul F. Velleman, Richard D. De Veaux ISBN: 9780321854018 481

Solution for problem 50 Chapter 26

Stats Modeling the World | 4th Edition

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Stats Modeling the World | 4th Edition | ISBN: 9780321854018 | Authors: David E. Bock, Paul F. Velleman, Richard D. De Veaux

Stats Modeling the World | 4th Edition

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Problem 50

All the efficiency money can buy 2011 A sample of 84 model-2011 cars from an online information service was examined to see how fuel efficiency (as highway mpg) relates to the cost (Manufacturers Suggested Retail Price in dollars) of cars. Here are displays and computer output: Dependent variable is MPG R-squared = 0.0216% s = 3.54 Variable Coefficient SE(Coeff) t-Ratio P-Value Intercept 36.514 1.496 24.406 60.0001 Slope -8.089E -6 6.439E -5 -0.1256 0.900 a) State what you want to know, identify the variables, and give the appropriate hypotheses. b) Check the assumptions and conditions. c) If the conditions are met, complete the analysis.

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Intro: What is Statistics • Statistics are used to determine the true state of nature and to make informed decisions that are in your best interest • We live in an age of information, or overabundant data o Data is NOT information o Data needs to be quantified to be understood as information (in statistics) o Statistics is the science of transforming data into information to make decisions o Ex. ‘4’ is data, but ‘4 of 5 people prefer the color yellow’ is information • Statistics are often misused in advertising & politics, by means of statistical illiteracy • Statistics collects, organizes, summarizes, and interprets data for decision-making o Data is interpreted using the

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Chapter 26, Problem 50 is Solved
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Textbook: Stats Modeling the World
Edition: 4
Author: David E. Bock, Paul F. Velleman, Richard D. De Veaux
ISBN: 9780321854018

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All the efficiency money can buy 2011 A sample of 84 model-2011 cars from an online