Internal Code: MAS539
Question 1:Email or Letter
Using the instructions given on page four of the Part A coversheets, introduce your data and the results of your preliminary investigation of prices of three and four year old used cars, of the make and model and in the state specified by your sample.
Question 2:reflection or feedback
1.Write a short (approximately 200 words) reflection/feedback on your submission and marking of Part A. In particular;
A. consider the good aspects of your submission, what did you do well,
B. identify where you made mistakes, and how you would avoid them in the future,
C. consider what you learnt from submitting and marking Part A.
2.Your relative or friend asks you for an estimate of the average price of a three or four year old car of the specified make and model in the state specified by your sample.To provide this estimate use Price data for 2012 and 2013 used cars and an appropriate statistical inference technique to answer the following question.What is the mean price of a three or four year old car of the specified make and model in the specified state?
3.Your relative or friend would prefer to purchase a car with a manual transmission and wishes to know if this will limit their choice.To provide a justified answer to this question use the Transmission data (where A = Automatic transmission, M = Manual transmission) for all cars in your sample and an appropriate statistical inference technique to answer the following question Do more than 30% of cars, of the specified make and model, for sale in the specified state have manual transmission?
1.Your relative or friend asks you if used car prices are generally higher for cars with automatic transmission than those with manual.Use Price and Transmission data (where A = Automatic transmission, M = Manual transmission) for all cars in your sample and an appropriate statistical inference technique to answer the following question On average is the price of cars, of the specified make and model for sale in the specified state, with automatic transmission higher than those with manual transmission?
2.Your friend or relative asks you how the value of the car that they decide to purchase will depreciate in value.Use Age (independent variable) and Price (dependent variable) to model the relationship between age of a used car and its price. Then to provide an answer on how how the value of the car that your friend or relative decides to purchase will depreciate in value explore this relationship by
A. Plotting the data with a scatter plot.
B. Calculating the least squares regression line, correlation coefficient and coefficient of determination.
3.Your relative or friend now wants to know what other factors may have an influence on price.To explore this add Kilometres and Transmission as additional independent variables to the regression model developed in Question 2. Then explore the relationship between these variables by
A. Calculating the multiple regression equation, multiple correlation coefficient, and coefficient of multiple determination
B. Using appropriate tests to determine which independent variables make a significant contribution to the regression model.Hence, determine which independent variables to include in your model.
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