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Frequency
10
14
18
22
Age
Mean
7.3
1.126476
6
6
5.037752
25.37895
5.712234
2.0983
22
2
24
146
20
Mean
(Now
closer
to
Variance
10
N
45.89
Standard deviation 45.89 6.7742
Mean
236,064
10th
Median
90th
percen
percen
tile
tile
1,545 123,020 560,006
248,970
1,720
Mean
Australianborn
Migrant
131,152 524,372
are amongst
households.
the
wealthiest
10%
of
Australian
5000000
Price $
4000000
3000000
2000000
1000000
0
0
10
20
30
40
50
60
70
80
pricei 0 1agei ui
Interpret the ordinary least squares coefficient
estimates, found to b0= 47,467 and b1 = - 2,658.
The estimated slope coefficient of -2658, suggests that
for every year older, second-hand car prices are
expected to drop by $2,658. The sign is as expected:
older cars tend to have a lower value. The sign is also
consistent with the negative correlation coefficient.
Literally the intercept is the predicted price of second
hand cars with age = 0, i.e. $47,469. As is sometimes the
case, interpretation of intercepts may be somewhat
problematic. In this particular situation all second-hand
cars have age > 0.
10