Description
Please follow the uploaded document with all questions and instruction to follow with the corresponding data to answer the questions to the "Statistical investigation.
The second part with "Everyday statistics" use the link in the word document to answer the questions for that section
The image is the data to be used for the 1st section of the assignment
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Explanation & Answer
Hi,Find attached the completed work.Feel free to ask for any clarification or editing if need be.Looking forward to working with you in future.Thank you.
Running head: STATISTICS
Student’s Name
Professor’s Name
Course Title
Date
STATISTICS
2
Statistical investigation:
Your Econ 3100 classmate Kim would like to buy a used Volkswagon Eurovan for an extended
road trip this summer. Her neighbor Tim has offered to sell her his Eurovan. Tim’s Eurovan is
has 75,000 miles on it. Kim and Tim agree that the van is in average condition. Tim has asked
her to come up with a fair price. Your classmate has never heard of “blue book value” and sets
out to estimate the value using her newly acquired knowledge of regression analysis. She checks
the Seattle Times and finds a long list of Eurovans for sale. She selects a random sample of 10
vans, ranging in mileage from 59,000 to 129,000 miles. For each Eurovan, she enters the
mileage (in 1000s) and the offered sales price (in $1000s) into JMP. She runs a regression
predicting asking price in thousands based on mileage in thousands. She determines the
relat...