The owner of a car dealer store for Sport/GT cars in Tampa is targeting a very e
ID: 3362912 • Letter: T
Question
The owner of a car dealer store for Sport/GT cars in Tampa is targeting a very exclusive market of high speed upper scale Sport/GT customers with an offer of pre-owned vehicles. The following table show results after running a regression with available explanatory variables to determine customer rating satisfaction (ranges from 0 to 100 points).
The variable PreOwned =1 if a car is been previously owned, zero otherwise.
1) The interpretation for the Preowned coefficient is ......
Coefficients Unstandardized Standardized Coefficients Coefficients Model Sig. Std Beta Error 4.484 .003 2.619 034 1.207 267 1.918 .097 (Constant 1995.888 445.138 SpeedQtrMile 15.748 6.012 916 Price 6.720 5.570455 PreOwned 37.976 124.062-471 a. Dependent Variable: RatingExplanation / Answer
The preowned coefficient here is given as -37.976. Therefore this means that the rating for preowned cars is 37.976 points lower that for a new car. This is the required interpreation. Note that we said it is lower because of the negative sign on the coefficient.
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