Regression output for the model that only uses Age as a predictor in the model is provided. Assuming that the residuals for this single predictor model do not indicate any problems, is this model an improvement over the model that uses both Age and Mileage as predictors? Statistically justify your answer by discussing at least two quantitative criteria.
The regression equation is Price = 15.3 - 1.71 Age

S = 1.37179 R-Sq = 88.9% R-Sq(adj) = 88.4%
Analysis of Variance

Question

Regression output for the model that only uses Age as a predictor in the model is provided. Assuming that the residuals for this single predictor model do not indicate any problems, is this model an improvement over the model that uses both Age and Mileage as predictors? Statistically justify your answer by discussing at least two quantitative criteria.
The regression equation is Price = 15.3 - 1.71 Age
  
S = 1.37179 R-Sq = 88.9% R-Sq(adj) = 88.4%
Analysis of Variance

Quizplus · Accepted Answer

The Answer of Regression output for the model that only uses Age as a predictor in the model is provided. Assuming that the residuals for this single predictor model do not indicate any problems, is this model an improvement over the model that uses both Age and Mileage as predictors? Statistically justify your answer by discussing at least two quantitative criteria.
The regression equation is Price = 15.3 - 1.71 Age
  
S = 1.37179 R-Sq = 88.9% R-Sq(adj) = 88.4%
Analysis of Variance

Regression Output for the Model That Only Uses Age as a Predictor