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a. Derive and state the regression equation with Age as the independent variable, using the i) scatter diagram and ii) Excel's Regression add-in. b. Explain the slope of the model. c. Use the equation to predict the the price of a bottle of wine; assume it is 30 years old. d. Derive the R-square and explain the meaning of the R-square you found. e. Check if the dependent and independent variables are significantly related (assume alpha =0.05 ) and explain the test and the results. f. Generate the residuals and ncfimal probability plots. g. Are the assumptions about the error term are valid based on the residual and normal probability plots? Explain. h. Is this model reliable? Would you use this model in business decision making? Explain. i. You are offered a bottle of 30 year old wine for $3000. Is this a good deal? Explain. a. Derive and state the regression equation with Age as the independent variable, using the i) scatter diagram and ii) Excel's Regression add-in. b. Explain the slope of the model. c. Use the equation to predict the the price of a bottle of wine; assume it is 30 years old. d. Derive the R-square and explain the meaning of the R-square you found. e. Check if the dependent and independent variables are significantly related (assume alpha =0.05 ) and explain the test and the results. f. Generate the residuals and ncfimal probability plots. g. Are the assumptions about the error term are valid based on the residual and normal probability plots? Explain. h. Is this model reliable? Would you use this model in business decision making? Explain. i. You are offered a bottle of 30 year old wine for $3000. Is this a good deal? Explain

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