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Asked by J'Ona Wells on May 11, 2024

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Researchers at a car resale company are trying to build a model to predict a car's 4-year resale value (in thousands of dollars)from several predictor variables.The variables they selected are as below. Researchers at a car resale company are trying to build a model to predict a car's 4-year resale value (in thousands of dollars)from several predictor variables.The variables they selected are as below. Data were collected on cars of different models made by different manufacturers.SPSS output for the least-squares regression model is given below. A Normal quantile plot of the residuals is given below. What assumption do we check with this graph,and does the assumption seem to be satisfied? Data were collected on cars of different models made by different manufacturers.SPSS output for the least-squares regression model is given below. Researchers at a car resale company are trying to build a model to predict a car's 4-year resale value (in thousands of dollars)from several predictor variables.The variables they selected are as below. Data were collected on cars of different models made by different manufacturers.SPSS output for the least-squares regression model is given below. A Normal quantile plot of the residuals is given below. What assumption do we check with this graph,and does the assumption seem to be satisfied? Researchers at a car resale company are trying to build a model to predict a car's 4-year resale value (in thousands of dollars)from several predictor variables.The variables they selected are as below. Data were collected on cars of different models made by different manufacturers.SPSS output for the least-squares regression model is given below. A Normal quantile plot of the residuals is given below. What assumption do we check with this graph,and does the assumption seem to be satisfied? Researchers at a car resale company are trying to build a model to predict a car's 4-year resale value (in thousands of dollars)from several predictor variables.The variables they selected are as below. Data were collected on cars of different models made by different manufacturers.SPSS output for the least-squares regression model is given below. A Normal quantile plot of the residuals is given below. What assumption do we check with this graph,and does the assumption seem to be satisfied? A Normal quantile plot of the residuals is given below. Researchers at a car resale company are trying to build a model to predict a car's 4-year resale value (in thousands of dollars)from several predictor variables.The variables they selected are as below. Data were collected on cars of different models made by different manufacturers.SPSS output for the least-squares regression model is given below. A Normal quantile plot of the residuals is given below. What assumption do we check with this graph,and does the assumption seem to be satisfied? What assumption do we check with this graph,and does the assumption seem to be satisfied?

Normal Quantile Plot

A graphical method for assessing whether or not a data set is approximately normally distributed.

Residuals

The differences between observed values and the values predicted by a model, used in regression analysis to assess the fit of the model.

Regression Model

A statistical model used to understand the relationship between one dependent variable and one or more independent variables.

  • Cultivate the competence to assess the accuracy of regression models critically.
  • Acquire knowledge about residuals and their function within regression analysis.
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Gretta ClaretteMay 15, 2024
Final Answer :
We check the assumption that the error terms are Normally distributed.Since the points in the graph all fall pretty close to a straight line (there may be a few outliers),we may conclude that this assumption seems to be satisfied.

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