please assist with this NON GRADED problem. data file information is below Price Mileage Age 16998 35000 3 17599 16000 3 15998 42000 3 15998 61000 4 11599 102000 7 13998 109000 4 14998 60000 5 11599 88000 9 12599 58000 8 14998 27000 6 15998 32000 4 11599 95000 8 10499 123000 8 14599 54000 5 10599 68000 11 16998 40000 4 20998 7000 1 11599 81000 9 12599 70000 6 13599 86000 5 11599 92000 7 9599 120000 10 18998 20000 2 12599 63000 7 12599 70000 6 10998 88000 10 11998 86000 6 12998 60000 6 17599 45000 2 9998 96000 11 9998 60000 11 16998 36000 2 17599 45000 2
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
please assist with this NON GRADED problem.
data file information is below
Price | Mileage | Age |
16998 | 35000 | 3 |
17599 | 16000 | 3 |
15998 | 42000 | 3 |
15998 | 61000 | 4 |
11599 | 102000 | 7 |
13998 | 109000 | 4 |
14998 | 60000 | 5 |
11599 | 88000 | 9 |
12599 | 58000 | 8 |
14998 | 27000 | 6 |
15998 | 32000 | 4 |
11599 | 95000 | 8 |
10499 | 123000 | 8 |
14599 | 54000 | 5 |
10599 | 68000 | 11 |
16998 | 40000 | 4 |
20998 | 7000 | 1 |
11599 | 81000 | 9 |
12599 | 70000 | 6 |
13599 | 86000 | 5 |
11599 | 92000 | 7 |
9599 | 120000 | 10 |
18998 | 20000 | 2 |
12599 | 63000 | 7 |
12599 | 70000 | 6 |
10998 | 88000 | 10 |
11998 | 86000 | 6 |
12998 | 60000 | 6 |
17599 | 45000 | 2 |
9998 | 96000 | 11 |
9998 | 60000 | 11 |
16998 | 36000 | 2 |
17599 | 45000 | 2 |
![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 =
O Mileage +
Age
+
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
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.
II. 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.
II
c. Use the F test to determine the overall significance of the relationship (to 2 decimals). What is your conclusion at the 0.05 level of significance? Use F table.
Significance
F value
p-value
at a = 0.05
Overall Model
Select your answer -
significant
d. Use the t test to determine the significance of each independent variable (to 2 decimals). What is your conclusion at the 0.05 level of significance? Use t table. Enter negative value as negative number.
Significance
t value
p-value
at a = 0.05
Mileage
Select your answer
significant
Age
- Select your answer -
significant
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