Using advertised prices for used Ford Escorts a linear model for the relationship between a car's age and its price is found. The correlation coefficient is - 0.933
Determine R2 and interpret this statistic.
A) R2 = 93.3% which means that 93.3% of the variation in car price is explained by the age of the car.
B) R2 = 87.1% which means that 87.1% of the variation in car price is explained by the age of the car.
C) R2 = 93.3% which means that 93.3% of the variation in the age of the car is explained by the price of the car.
D) R2 = 87.1% which means that 87.1% of the variation in the age of the car is explained by the price of the car.
E) None of these are correct.
Is the answer C?
AND
The relationship between the number of games won during one season by a minor league baseball team and the average attendance at their home games is analyzed. A regression analysis to predict the average attendance from the number of games won gives the model
y-hat = -2600 + 222 wins
where y-hat is the predicted average attendance.
A team with 79 wins had a residual of 1562. What was the actual average attendance for this team?
Thanks in advance!!
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