The data set provided in StatCrunch contains a random sample of 47 Craigslist posts for various used Honda Civics. A Mason student is interested in purchasing a used Honda Civic and wants to research what variables influence the price of the used cars: the age of the car or the mileage of the car. They recorded the “Price” in US dollars, the “Age” in years (counting from 2021, thus a 10-year-old car was a 2011 since 2021 – 2011 = 10), and the “Mileage” in thousands of miles. Use the “Mileage” in thousands of miles and “Age” in years to predict the “Price” in US dollars. The student wants to find which explanatory variable, either “Mileage” or “Age”, will be the best predictor of the response variable, “Price”. Investigate the relationship between the explanatory variables and response variable to help the student find the better predictor. -Interpret the scatterplot of “Age” and “Price” using trend, strength, and shape (form) and Interpret the scatterplot of “Mileage” and “Price” using trend, strength, and shape (form). -Which of the two explanatory variables would be the better predictor of “Price”?
The data set provided in StatCrunch contains a random sample of 47 Craigslist posts for various used Honda Civics. A Mason student is interested in purchasing a used Honda Civic and wants to research what variables influence the price of the used cars: the age of the car or the mileage of the car. They recorded the “Price” in US dollars, the “Age” in years (counting from 2021, thus a 10-year-old car was a 2011 since 2021 – 2011 = 10), and the “Mileage” in thousands of miles. Use the “Mileage” in thousands of miles and “Age” in years to predict the “Price” in US dollars. The student wants to find which explanatory variable, either “Mileage” or “Age”, will be the best predictor of the response variable, “Price”. Investigate the relationship between the explanatory variables and response variable to help the student find the better predictor.
-Interpret the scatterplot of “Age” and “Price” using trend, strength, and shape (form) and Interpret the scatterplot of “Mileage” and “Price” using trend, strength, and shape (form).
-Which of the two explanatory variables would be the better predictor of “Price”?
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