An expert who works for a car magazine obtained random data (rounded
to the nearest thousand) among two categories of used or new cars:
Domestic Foreign
The expert would like to understand sales based on list price
(rounded to the nearest thousand dollars), sale price (rounded to the
nearest thousand dollars), and number of days it takes to sell each car.
The complete data set is in the file named Cars.Managerial ReportPrepare a report (see below) that summarizes your assessment of the nature of the car market. Be sure to include the following seven items in your report.Descriptive statistics (mean, median, range, standard deviation,
and coefficient of variation) to summarize each of the three variables
for the all Domestic cars. Use z-scores to determine if there any
outliers in the data set for any of the three variables. If there are
any outliers in any category, please list them and state for which
category they are an outlier. If a result is an outlier, state whether
it is below or above the mean.Descriptive statistics (mean, median, range, standard deviation, and
coefficient of variation) to summarize each of the three variables for
the all Foreign cars. Use z-scores to determine if there any outliers in
the data set for any of the three variables. If there are any outliers
in any category, please list them and state for which category they are
an outlier. If a result is an outlier, state whether it is below or
above the mean.Compare your summary results from #1 and #2. Discuss any specific
statistical results that would help the car expert understand the car
market.Develop a 98% confidence interval estimate of the population mean
sales price and population mean number of days to sell for Domestic
cars. What is the Margin of error? What are the lower (or left) and
upper (or right) endpoints of the confidence interval? Interpret your
results.Develop a 98% confidence interval estimate of the population mean
sales price and population mean number of days to sell for Foreign cars.
What is the Margin of error? What are the lower (or left) and upper (or
right) endpoints of the confidence interval? Interpret your results.Assume the car expert requested estimates of the mean number of days
to sell for the Domestic cars with a margin of error of seven days and
the mean number of days of Foreign cars with a margin of error of eight
days. Using 98% confidence, how large should the sample sizes be for
each?Suppose a Domestic car has a list price of $30,000 and a Foreign car
has a list price of $30,000. What is your estimate of the final selling
price (based on the percent difference for the sale and list price) and
number of days required to sell each of these cars?Write a report that adheres to the Written Assignment
Requirements under the heading “Expectations for CSU-Global Written
Assignments” found in the CSU-Global Guide to Writing and APA Requirements.
As with all written assignments at CSU-Global, you should have in-text
citations and a reference page. An example paper is provided in the MTH410 Guide to Writing with Statistics. (link provided at the bottom of the page)Submit your Excel file in addition to your report. Requirements:Paper must be written in third person.Your paper should be four to five pages in length (counting the
title page and references page) and cite and integrate at least one
credible outside source. The CSU-Global Library is a great place to find resources.Include a title page, introduction, body, conclusion, and a reference page.The introduction should describe or summarize the topic or problem.
It might discuss the importance of the topic or how it affects you or
society as a whole, or it might discuss or describe the unique
terminology associated with the topic.The body of your paper should answer the questions posed in the
problem. Explain how you approached and answered the question or solved
the problem, and, for each question, show all steps involved. Be sure
this is in paragraph format, not numbered answers like a homework
assignment.The conclusion should summarize your thoughts about what you have
determined from the data and your analysis, often with a broader
personal or societal perspective in mind. Nothing new should be
introduced in the conclusion that was not previously discussed in the
body paragraphs.Include any tables of data or calculations, calculated values,
and/or graphs associated with this problem in the body of your
assignment.Document formatting, citations, and style should conform to the CSU-Global Virtual Library CSU-Global Guide to Writing and APA: Introduction. A short summary containing much that you need to know about paper formatting, citations, and references is contained in the New Sample APA Paper. In addition, information in the CSU-Global Virtual Library under the Writing Center/APA Resources tab has many helpful areas (Writing Center, Writing Tips, Template & Examples/Papers & Essays, and others).