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Ivy Tech Community College, Columbus *

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230

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Economics

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Jan 9, 2024

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docx

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1

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1. Define the association between variables selected? I chose to look at the association between the price of a car and the car's value score. I did so by creating a scatter plot with the two variables and inserting a trendline. What I found was that there was a negative association between the price of a vehicle and its value score. As the price of the vehicle goes up, its value score goes down. 2. What is the probability a car on the list will be less $29,000 and what is the probability the car will be more than $29,000? 0.734488116 Less than 29,000 0.265511884 More than 29,000 3. Develop a 95% confidence interval estimate that the higher the price of the car, the higher the road test scores. (For assistance, see the Excel steps on page 415 of your textbook). What are the upper and lower limits for car cost and road test score? Price upper: 28465.41 Price lower: 25306.99 Road test score upper: 85.08429 Road test score lower: 75.81571 4. Perform a regression analysis for predicated reliability and price to develop an estimated regression equation that could be used to predict the reliability and price. y= 617.03x + 24572
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