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Statistical Analysis:
Question 1:
a) Is there a difference in the average price of cars, of the specified make and model for sale in the specified state, for sale privately and by a used car dealer?
b) provide a justified answer to your relative’s question. That is, is there a difference in price between cars sold by a dealer and those sold privately?
Question 2:
Use the simple and multiple linear regression models developed in Questions 2 and 3 to provide a linear model to predict the price of a used car from age and/or transmission type and/or odometer reading, to answer your relative’s question. That is, how the value of the car they purchase will depreciate?
a) Explain choice of independent and dependent variables.
b) Include your scatter plot and discuss any apparent relationship between price and age. Comment on the strength, shape and sign of the relationship.
c)Include and justify the simple or multiple linear models which best fits the data.
d) Discuss and interpret the values of the regression and correlation coefficients of the best model.
e) Present the results without unnecessary statistical jargon.
f) Provide an answer to your relative’s question. That is, how the value of the car that they purchase will depreciate?
Uploaded By : celina
Posted on : January 19th, 2018
Downloads : 0
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