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Math Help - Regression line and correlation coefficient help

  1. #1
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    Exclamation Regression line and correlation coefficient help

    year Value ($)
    0 1,500
    1 1,1200
    2 1,100
    3 1,00
    4 800
    5 400
    6 200

    b. given that the equation of the regression line between value and year is y= -207.14x + 1507.14 with an R^2 value of 0.9622, how reliable do you think the regression equation is at predicting the future value of a computer in 5 years time?

    c. calculate the value of the correlation coefficient between year and value

    d. estimate the value of the computer in year 7, using the regression equation
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  2. #2
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    Re: Regression line and correlation coefficient help

    Please confirm the values for

    year = 0 as it is lower than after a year on, do you think a computer can appreciate?

    year = 1 is the comma in the correct place? Should it be 1,200?

    year = 3, should this be 1,000?
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  3. #3
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    Re: Regression line and correlation coefficient help

    Quote Originally Posted by hollymxox View Post
    b. given that the equation of the regression line between value and year is y= -207.14x + 1507.14 with an R^2 value of 0.9622, how reliable do you think the regression equation is at predicting the future value of a computer in 5 years time?
    Did you find any t-stats or p-values?


    Quote Originally Posted by hollymxox View Post
    [COLOR=#333333]

    c. calculate the value of the correlation coefficient between year and value
    r =\sqrt{0.9622}


    Quote Originally Posted by hollymxox View Post
    d. estimate the value of the computer in year 7, using the regression equation
    substitute x=7 into the equation
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  4. #4
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    Re: Regression line and correlation coefficient help

    Yes it is suppose to be going down past 0 and yes the numbers should be 1,200 and 1,000.

    Is there any way can you show me the work or explain it a little better?
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  5. #5
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    Re: Regression line and correlation coefficient help

    and I dont even know what t-stats or p-values are...
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