regression

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regression
Message posted by m.d. (via 140.209.38.35) on December 12, 2001 at 11:29 AM (ET)

Please help!

"Ten sports car, between one and six years of age were randomly selected from the classified ads of the local daily paper.
Age: Price (000)
6 12.5
6 11.5
6 13
2 26
2 21.9
5 15
4 19
5 16.3
1 26
4 16

I have already done the basic statistics and regression procedures for this, but could someone tell me how to (in minitab)predict the price of a two-year old and a three-year old car? I'm having trouble using the program. Thanks!

READERS RESPOND:
(In chronological order. Most recent at the bottom.)

Re: regression
Message posted by Chris (via 24.136.50.126) on December 12, 2001 at 9:02 PM (ET)

maybe you sould try putting 3 or 4 into the regression equation (a+bx) the 3 or 4 goes into the x and the a and b you get from Linear regression formula on your calculator i'm not sure how to do that on your minitab though

Re: regression
Message posted by Tomi (via 213.133.214.2) on December 13, 2001 at 4:41 AM (ET)

Put the ages in C1, the prices in C2 and the numbers 2 and 3 in C3.

Select Stats/Regression/Regression from the menus.

In the dialog box that appears put C2 as the Response and C1 as the Predictor.

Choose the Options button at the bottom. Where you see the phrase "Prediction intervls for new observations" put C3.

Press the OK button on the Options dialog and then the OK button on the Regression dialog.

That should do it!

If you prefer, you can use the following session commands:

MTB > regress c2 1 c1;
SUBC> predict c3.

The 1 indicates that there is one predictor variable.

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