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(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 be the list price (in thousands of dollars) for a random selection of these cars of different models and options. Let be the dealer invoice (in thousands of dollars) for the given vehicle.

x

32.1

33.5

36.1

44

47.8

y

29.8

31.1

32

42.1

42.2

(a) Verify that ?= 193.5, ?= 177.2, ?x2= 7676.71, ?y2= 6432.5, ?xy = 7023.19, and ? 0.977.

(b) Use a 1% level of significance to test the claim that ? > 0.

(c) Verify that Se? 1.5223, ? 1.4084, and ? 0.8794.

(d) Find the predicted dealer invoice when the list price is = 40(thousanddollars).

(e) Find a 95% confidence interval for when = 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.

 







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This question was answered on: Oct 24, 2017

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