Develop the least squares estimated regression equation. 1 answer below »

Develop the least squares estimated regression equation. 1 answer below »

The regional transit authority for a major metropolitan area wants to determine whether there is any relationship between the age of a bus and the annual maintenance cost. A sample of 10 buses resulted in the following data.

Age of Bus (years)

Maintenance Cost ($)

1

350

2

370

2

480

2

520

2

590

3

550

4

750

4

800

5

790

5

950

a. Develop the least squares estimated regression equation.

b. Test to see whether the two variables are significantly related with α _ .05.

c. Did the least squares line provide a good fit to the observed data? Explain.

d. Develop a 95% prediction interval for the maintenance cost for a specific bus that is 4 years old.

 

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