The Honda Accord was named the best midsized car for resale value for 2018 by...
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The Honda Accord was named the best midsized car for resale value for 2018 by the Kelley Blue Book (Kelley Blue Book website). The file AutoResale contains mileage, age, and selling price for a sample of 33 Honda Accords. Click on the datafile logo to reference the data. DATA file a. Develop an estimated regression equation that predicts the selling price of a used Honda Accord given the mileage and age of the car (to 2 decimals). Enter negative value as negative number. Selling price Mileage + -686.337 Age = 20385.25 + -0.0374 b. Is multicollinearity an issue for this model? Find the correlation between the independent variables to answer this question (to 2 decimals). The correlation between age and mileage is 0.9752 I. Since the correlation between the independent variables is less than 0.70, we conclude that multicollinearity is an issue. II. Since the correlation between the independent variables is less than 0.70, we conclude that multicollinearity is not an issue. III. Since the correlation between the independent variables is greater than 0.70, we conclude that multicollinearity is an issue. IV. Since the correlation between the independent variables is greater than 0.70, we conclude that multicollinearity is not an issue
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