(Solution Download) New Car: Negotiating Price Suppose you are interested in buying a new Lincoln Navigator or Town Car....
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New Car: Negotiating Price Suppose you are interested in buying a new Lincoln Navigator or Town Car. You are standing on the sales lot looking at a model with different options. The list price is on the vehicle. As a salesperson approaches, you wonder what the dealer invoice price is for this model with its options. The following data are based on information taken from Consumer Guide (Vol. 677). Let x be the list price (in thousands of dollars) for a random selection of these cars of different models and options. Let y be the dealer invoice (in thousands of dollars) for the given vehicle.
(a) Verify that ?x = 193.5, ?y = 177.2, ?x2= 7676.71, ?y2= 6432.5, ?xy = 7023.19, and r ? 0.977.
(b) Use a 1% level of significance to test the claim that ? > 0.
(c) Verify that Se? 1.5223, a ? 1.4084, and b ? 0.8794.
(d) Find the predicted dealer invoice when the list price is x = 40(thousanddollars).
(e) Find a 95% confidence interval for y when x = 40 (thousand dollars).
(f) Use a 1% level of significance to test the claim that ? > 0.
(g) Find a 90% confidence interval for ? and interpret its meaning.
This question was answered on: Oct 24, 2017
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