Final project

User Generated

movtgvtre0011

Economics

Description

Please follow the instructions for this project and select the appropriate techniques that you have learned in this class in order to answer the following questions. Points will be deducted if the submission does not follow the following format:Use only clean sheets of good quality 8 1/2" x 11" white paper. Text should be typed on one side only. Do not put any perfume or cologne on the sheets, neither try to decorate the sheets of paper; remember, it's an academic piece of writing. A title page is essential. Pages should be consecutively numbered, with numbers put in the upper right hand corner, flush with the right margin and 1/2" from the top with 12 font size and 1.5 spacing. Please upload the copy of your project, using Excel output.

Problem-1

The data in Used Cars represent characteristics of cars that are currently

part of an inventory of a used car dealership. The variables included are car,

year, age, price ($), mileage, power(hp), fuel (mph), Region of origin

(manufactured in USA or in a foreign country), and single ownership (Yes=

owned by one or No= owned by more than one owner). The excel file for this

problem is stored under module called “Used Cars”.

You want to describe each of these variables, and you would like to predict

the price of the used cars. Make sure to take appropriate steps to analyze

this data set and write a mini report for the Car Dealer. Also, do you think

that the model is missing some important variables? If so, what are those

missing variables? Please explain. (50 points)

Use the UsedCars.xlsx dataset on Canvas to answer the following questions. This

dataset represents characteristics of cars that are currently part of the inventory

at a used car dealership. The variables included are car, year, age, price ($),

mileage, power (hp), fuel (mph), region of origin (manufactured in USA or elsewhere),

and single ownership (yes = owned by one owner, no = owned by more than one owner).

The owner of the dealership is interested in whether there is a relationship between

the price of a car and the age of the car. Specifically, he’s interested in whether

car age can predict car price.

1.

Based on the information above, develop the appropriate hypothesis regarding

the relationship between price and age.

2.

Write out the univariate regression equation designating price as the

dependent variable, estimate the equation from question 1, and report the

results. Based upon these results, what is the relationship between car price

and age?

In the provided dataset, there are other variables besides car price and age. The

dealership owner thinks that mileage, power and origin region may also predict price.

3.

Do you believe these other variables could be helpful in predicting price?

Determine the appropriate regression equation for predicting price using these

additional variables. Report the results of your multivariate regression

equation. Based upon your new results, what is the relationship between car

price and age?

Problem-2

The owner of a moving company typically has his most experienced manager

predict the total number of labor hours that will be required to complete an

upcoming move. This approach has proved useful in the past, but the owner has

the business objective of developing a more accurate method of predicting

labor hours. In a preliminary effort to provide a more accurate method, the

owner has decided to use the number of cubic feet moved and whether there is

an elevator in the apartment building as the independent variables. He has

collected data for 36 moves in which the origin and destination were the

borough of Manhattan in New York City and the travel time was an insignificant

portion of hours worked. The data are organized and stored in Moving. Follow

the appropriate steps, like hypothesis(s), test statistics, critical value/P-

value, decision and conclusion to complete the questions. Please insert Excel

outputs in your answer(s) wherever it is necessary.

(50 points)

a. Identify the problem and define the research question(s).

b. State the appropriate multiple regression equation for predicting labor

hours, using the number of cubic feet moved and whether there is an

elevator.

c. Interpret the regression coefficients in(a) and evaluate your

hypothesis(es).

d. Check the regression model validity

e. Is there a significant relationship between labor hours and the two

independent variables (cubic feet moved and whether there is an elevator

in the apartment building) at the 0.05 level of significance?

f. At the 0.05 level of significance, determine whether each independent

variable makes a contribution to the regression model. Indicate the most

appropriate regression model for this set of data.

g. Predict the mean labor hours for moving 500 cubic feet. What should you

tell the owner of the moving company about the relationship between

cubic feet moved and labor hours?

h. Construct 95% confidence interval estimate of the population slope for

the relationship between labor hours and cubic feet moved.

i. Compute and interpret adjusted r2.

j. Add an interaction term to the model, and at the 0.05 level of

significance, determine whether it makes a significant contribution to

the model.

k. On the basis of the results of (g) and (j), which model is most

appropriate? Explain.

l. As a business owner, what conclusions/solutions can you reach concerning

the effect of the number of cubic feet moved and whether there is an

elevator on labor hours?

Unformatted Attachment Preview

Car Car-01 Car-02 Car-03 Car-04 Car-05 Car-06 Car-07 Car-08 Car-09 Car-10 Car-11 Car-12 Car-13 Car-14 Car-15 Car-16 Car-17 Car-18 Car-19 Car-20 Car-21 Car-22 Car-23 Car-24 Car-25 Car-26 Car-27 Car-28 Car-29 Car-30 Car-31 Car-32 Car-33 Car-34 Car-35 Car-36 Car-37 Car-38 Car-39 Car-40 Car-41 Car-42 Car-43 Year Age Price($) Mileage Power (HP) Fuel (MPG) 2010 2 13400 21000 140 15 2009 3 11400 33000 160 21 2008 4 10600 54000 210 36 2000 12 7600 123000 140 15 1997 15 6000 160000 220 42 1998 14 7000 161000 150 18 2006 6 9700 69000 170 24 2009 3 11600 30000 160 21 2011 1 12000 17000 160 21 2002 10 8000 108000 160 21 2000 12 7400 123000 200 33 2005 7 10500 74000 150 15 2008 4 9700 51000 150 18 2009 3 11300 45000 180 27 1997 15 6400 158000 210 36 2008 4 10600 48000 160 21 2010 2 11400 22000 170 24 1999 13 6800 146000 220 42 2007 5 10900 53000 200 33 1999 13 7400 142000 150 15 2005 7 10300 81000 210 36 2008 4 11700 48000 170 24 2007 5 9600 66000 190 30 2000 12 8000 125000 160 21 2000 12 7600 127000 130 12 2002 10 9000 109000 150 15 2010 2 11000 20000 160 21 2009 3 11000 36000 130 12 2004 8 9800 81000 130 12 2006 6 10700 61000 210 36 1997 15 5600 165000 130 12 2002 10 8600 112000 210 36 2011 1 11800 15000 150 18 2005 7 10600 72000 180 27 1997 15 7300 167000 180 27 1998 14 7000 149000 210 36 1999 13 8000 140000 180 27 2007 5 11200 51000 200 33 2010 2 11700 30000 180 27 2007 5 10600 52000 190 30 1996 16 6500 179000 150 18 2002 10 8600 111000 180 27 2005 7 8600 78000 130 12 Region of origin Single owner USA Yes USA Yes Foreign Yes USA Yes Foreign Yes Foreign Yes Foreign Yes USA Yes USA Yes USA Yes USA Yes USA Yes USA Yes Foreign Yes Foreign Yes Foreign Yes USA Yes USA Yes USA Yes USA Yes USA Yes USA No Foreign No Foreign No Foreign No Foreign No USA No USA No USA No USA No USA No USA No Foreign No Foreign Yes Foreign Yes Foreign Yes Foreign Yes USA Yes USA Yes USA Yes USA Yes USA Yes USA Yes Car-44 Car-45 Car-46 Car-47 Car-48 Car-49 Car-50 Car-51 Car-52 Car-53 Car-54 Car-55 Car-56 Car-57 Car-58 Car-59 Car-60 Car-61 Car-62 Car-63 Car-64 Car-65 Car-66 Car-67 Car-68 Car-69 Car-70 Car-71 Car-72 Car-73 Car-74 Car-75 Car-76 Car-77 Car-78 Car-79 Car-80 Car-81 Car-82 Car-83 Car-84 Car-85 Car-86 Car-87 2001 2000 2001 2000 2009 2010 2010 1998 2005 2008 1996 2003 2006 1996 2000 2005 2005 2008 2008 1996 2003 2001 1998 1998 1996 2010 2006 2006 2005 2009 1998 1998 1996 2007 1996 2002 2007 1996 2000 1999 2009 2000 2003 2005 11 12 11 12 3 2 2 14 7 4 16 9 6 16 12 7 7 4 4 16 9 11 14 14 16 2 6 6 7 3 14 14 16 5 16 10 5 16 12 13 3 12 9 7 7600 7900 8400 7800 11300 11800 12000 6900 9000 11200 6700 8200 10700 6100 7000 9000 10000 10600 11700 6500 9500 8200 6400 6600 6000 12100 10300 10400 9300 10700 7200 5800 5800 10400 6100 9000 11400 5900 6300 6600 11900 7200 9700 9300 114000 125000 123000 138000 35000 24000 26000 144000 80000 38000 175000 91000 75000 178000 130000 84000 77000 43000 40000 166000 98000 123000 155000 154000 180000 21000 65000 72000 74000 39000 161000 148000 180000 55000 180000 105000 64000 175000 127000 135000 27000 132000 101000 86000 150 130 150 190 220 170 130 150 190 210 130 170 210 190 150 210 150 140 210 220 130 190 180 170 130 180 180 190 170 220 180 140 200 220 180 150 220 210 130 150 200 180 140 170 15 12 18 30 39 24 12 18 30 36 12 24 36 30 18 36 18 15 36 42 12 30 27 24 12 27 27 30 24 39 27 15 33 42 27 15 42 36 12 15 33 27 15 24 USA USA USA USA USA USA USA USA USA USA USA USA USA Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign USA USA USA USA USA USA USA USA USA USA USA USA Foreign Foreign Foreign Foreign Foreign USA USA USA USA USA Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No No No No No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No No No No No No No Car-88 Car-89 Car-90 Car-91 Car-92 Car-93 Car-94 Car-95 Car-96 Car-97 Car-98 Car-99 Car-100 Car-101 Car-102 Car-103 Car-104 Car-105 Car-106 Car-107 Car-108 Car-109 Car-110 Car-111 Car-112 Car-113 Car-114 Car-115 Car-116 Car-117 Car-118 Car-119 Car-120 Car-121 Car-122 Car-123 Car-124 Car-125 Car-126 Car-127 Car-128 Car-129 Car-130 Car-131 2010 2000 2009 2001 1997 2008 2011 2006 1998 2006 2000 2006 2004 2007 2005 2004 1996 1997 2001 2004 1999 2008 2006 1997 1999 2010 1997 2005 2004 2009 2009 2006 2004 2009 2006 2009 2011 2000 2011 2008 2000 2005 2006 2000 2 12 3 11 15 4 1 6 14 6 12 6 8 5 7 8 16 15 11 8 13 4 6 15 13 2 15 7 8 3 3 6 8 3 6 3 1 12 1 4 12 7 6 12 11800 7200 11600 7200 6200 11200 13300 11000 7100 10800 7300 9300 9000 10800 10300 8900 5300 5400 7800 9100 6500 11000 9500 6200 7800 12100 6800 10100 9900 12100 11300 10200 8800 10500 10000 12400 12800 7600 11900 10300 7900 9600 10900 8200 31000 126000 43000 127000 162000 50000 6000 68000 144000 74000 126000 77000 95000 55000 86000 94000 179000 170000 112000 92000 145000 55000 77000 171000 138000 34000 160000 70000 86000 34000 32000 63000 87000 30000 62000 41000 20000 135000 8000 45000 140000 80000 64000 131000 220 130 150 150 130 160 160 190 130 180 190 210 130 160 220 130 220 190 190 150 220 140 160 180 210 200 150 190 180 220 220 210 210 180 180 190 210 130 180 130 210 130 220 220 42 12 18 15 12 21 21 30 12 27 30 36 12 21 42 12 39 30 30 18 42 15 21 27 36 33 15 30 27 42 39 36 36 27 27 30 36 12 27 12 36 12 39 42 USA USA USA USA USA USA USA USA USA USA USA USA USA USA Foreign Foreign USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign No No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No No No No No No No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Car-132 Car-133 Car-134 Car-135 Car-136 Car-137 Car-138 Car-139 Car-140 Car-141 Car-142 Car-143 Car-144 Car-145 Car-146 Car-147 Car-148 Car-149 Car-150 Car-151 Car-152 Car-153 Car-154 Car-155 Car-156 Car-157 Car-158 Car-159 Car-160 Car-161 Car-162 Car-163 Car-164 Car-165 Car-166 Car-167 Car-168 Car-169 Car-170 Car-171 Car-172 Car-173 Car-174 Car-175 2002 2002 1999 1999 2009 2001 2007 2003 2008 1997 2010 1996 2010 2002 2011 2011 2003 1998 2006 2003 2001 2000 2004 2006 1996 2009 2002 1996 2003 2011 2011 2008 2000 2007 1999 2003 2005 2002 2011 2006 1999 2001 2003 2011 10 10 13 13 3 11 5 9 4 15 2 16 2 10 1 1 9 14 6 9 11 12 8 6 16 3 10 16 9 1 1 4 12 5 13 9 7 10 1 6 13 11 9 1 9200 7200 7500 6700 11400 7800 10900 9200 10600 6600 11100 6200 11400 8700 12400 12200 8500 6500 10500 9600 8600 7700 8900 9600 6500 10700 8200 6100 8100 11100 11700 11000 6800 10900 7500 9000 9900 8700 12000 9600 7700 7800 10000 11900 119000 103000 140000 140000 28000 126000 52000 94000 40000 162000 27000 170000 20000 106000 5000 8000 109000 147000 59000 96000 113000 125000 97000 59000 167000 38000 119000 171000 100000 14000 11000 44000 134000 48000 134000 91000 82000 116000 6000 64000 148000 130000 93000 17000 210 130 140 210 160 180 130 190 140 210 220 200 180 160 200 220 160 170 180 190 210 160 140 160 180 150 190 190 190 160 190 210 190 210 150 160 210 200 220 160 160 130 190 140 36 12 15 36 21 27 12 30 15 36 42 33 27 21 33 39 21 24 27 30 36 21 15 21 27 15 30 30 30 21 30 36 30 36 18 21 36 33 39 21 21 12 30 15 Foreign Foreign Foreign USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA Foreign Foreign Foreign Foreign USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA Yes Yes Yes Yes Yes Yes Yes No No No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No No No No No No No No No No No No No Car-176 Car-177 Car-178 Car-179 Car-180 Car-181 Car-182 Car-183 Car-184 Car-185 Car-186 Car-187 Car-188 Car-189 Car-190 Car-191 Car-192 Car-193 Car-194 Car-195 Car-196 Car-197 Car-198 Car-199 Car-200 Car-201 Car-202 Car-203 Car-204 Car-205 Car-206 Car-207 Car-208 Car-209 Car-210 Car-211 Car-212 Car-213 Car-214 Car-215 Car-216 Car-217 Car-218 Car-219 2003 1996 2005 2011 2000 2009 2008 2005 1996 2001 1997 2006 2009 2000 1996 1996 2002 2000 2009 2008 2010 1999 2001 2011 1997 2010 2008 2009 2001 2001 1996 2004 2007 2004 2007 2002 2005 2005 2009 2009 1999 2007 1996 2002 9 16 7 1 12 3 4 7 16 11 15 6 3 12 16 16 10 12 3 4 2 13 11 1 15 2 4 3 11 11 16 8 5 8 5 10 7 7 3 3 13 5 16 10 8800 5500 9700 11700 7400 12100 10500 8500 6300 8300 6600 10300 11500 8000 6300 6700 8700 7500 9900 10700 11200 8100 8400 11500 6400 12200 11600 12200 8400 7800 5400 9000 10200 9600 9700 7800 9800 9100 11600 10600 6500 10200 5900 8100 92000 182000 69000 5000 128000 32000 42000 80000 170000 120000 163000 60000 40000 141000 182000 174000 104000 139000 42000 40000 19000 141000 121000 7000 156000 25000 54000 34000 112000 116000 184000 93000 52000 82000 59000 119000 83000 71000 36000 38000 140000 59000 170000 107000 170 220 200 130 160 130 150 140 210 180 160 190 160 140 210 180 190 190 130 210 210 220 180 180 180 180 170 190 220 150 170 220 190 180 180 160 190 130 130 190 160 170 150 180 24 39 33 12 21 12 15 15 36 27 21 30 21 15 36 27 30 30 12 36 36 39 27 27 27 27 24 30 42 15 24 39 30 27 27 21 30 12 12 30 21 24 18 27 USA Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign No No No No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Car-220 Car-221 Car-222 Car-223 Car-224 Car-225 Car-226 Car-227 Car-228 Car-229 Car-230 Car-231 Car-232 Car-233 Car-234 Car-235 Car-236 Car-237 Car-238 Car-239 Car-240 Car-241 Car-242 Car-243 Car-244 Car-245 Car-246 Car-247 Car-248 Car-249 Car-250 Car-251 Car-252 Car-253 Car-254 Car-255 Car-256 Car-257 Car-258 Car-259 Car-260 Car-261 Car-262 Car-263 1999 1999 2003 2004 2009 2002 1997 2011 2010 2006 1999 2002 2010 2004 2008 2005 2009 2006 2001 2002 1999 2005 2011 2009 1999 1998 2003 2009 2006 1997 1996 2005 2007 2001 2003 2000 2001 2010 2001 1997 1996 2007 2004 2002 13 13 9 8 3 10 15 1 2 6 13 10 2 8 4 7 3 6 11 10 13 7 1 3 13 14 9 3 6 15 16 7 5 11 9 12 11 2 11 15 16 5 8 10 6800 6500 8200 9400 12100 8000 5500 12300 11600 9200 6600 9300 12300 8800 10800 9500 10400 9600 9000 7800 7000 8800 11500 11600 6300 5800 8500 11300 10900 6800 5500 10000 10600 8600 7500 7400 7300 10900 7400 7000 5200 9600 10000 8000 134000 137000 96000 87000 36000 104000 158000 11000 19000 75000 134000 102000 27000 84000 40000 87000 31000 69000 123000 114000 137000 79000 10000 35000 148000 147000 91000 39000 77000 155000 178000 74000 61000 127000 104000 134000 126000 31000 126000 159000 183000 61000 84000 107000 190 130 160 200 130 150 140 220 160 170 130 200 200 130 210 190 130 160 190 150 160 180 130 220 170 200 160 130 160 150 140 150 180 220 150 190 130 140 150 180 180 190 140 130 30 12 21 33 12 15 15 39 21 24 12 33 33 12 36 30 12 21 30 15 21 27 12 39 24 33 21 12 21 15 15 18 27 42 18 30 12 15 18 27 27 30 15 12 Foreign USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Yes Yes No No No No No No No No No No No No No No No No No No No No No No No No No No No No No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Car-264 Car-265 Car-266 Car-267 Car-268 Car-269 Car-270 Car-271 Car-272 Car-273 Car-274 Car-275 Car-276 Car-277 Car-278 Car-279 Car-280 Car-281 Car-282 Car-283 Car-284 Car-285 Car-286 Car-287 Car-288 Car-289 Car-290 Car-291 Car-292 Car-293 Car-294 Car-295 Car-296 Car-297 Car-298 Car-299 Car-300 Car-301 Car-302 Car-303 Car-304 Car-305 Car-306 Car-307 2009 1996 2007 2006 2000 1996 2011 2001 2007 2010 1997 2011 2008 1998 2002 2000 2011 1998 2008 2011 1997 2001 2007 2009 2007 2003 1999 2007 2011 1997 1996 2007 2003 1996 1999 2007 2004 1997 2006 2011 2009 1999 2007 2005 3 16 5 6 12 16 1 11 5 2 15 1 4 14 10 12 1 14 4 1 15 11 5 3 5 9 13 5 1 15 16 5 9 16 13 5 8 15 6 1 3 13 5 7 11400 6800 10400 9300 8500 5300 12600 7100 10200 12300 5700 12400 11700 7300 7800 7200 12500 6000 11100 12400 5700 7500 11100 11700 10700 10000 7800 10200 12000 6600 6700 10500 9500 6100 7000 10400 8700 6000 10600 11500 12100 7100 10500 10000 42000 174000 55000 66000 138000 174000 13000 114000 56000 26000 163000 21000 53000 161000 108000 128000 12000 145000 40000 10000 172000 113000 58000 34000 57000 96000 135000 55000 23000 162000 173000 55000 91000 176000 150000 50000 85000 160000 75000 13000 32000 143000 58000 83000 180 180 150 190 200 190 160 150 210 220 210 220 220 130 160 220 130 220 140 130 140 150 210 150 220 190 190 190 170 200 220 210 150 140 210 200 160 170 210 140 130 130 200 190 27 27 15 30 33 30 21 15 36 39 36 42 42 12 21 39 12 42 15 12 15 15 36 18 42 30 30 30 24 33 39 36 18 15 36 33 21 24 36 15 12 12 33 30 Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA Foreign Foreign Foreign Foreign USA USA USA Yes Yes Yes Yes Yes Yes Yes Yes No No No No No No No No No No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Car-308 Car-309 Car-310 Car-311 Car-312 Car-313 Car-314 Car-315 Car-316 Car-317 Car-318 Car-319 Car-320 Car-321 Car-322 Car-323 Car-324 Car-325 Car-326 Car-327 Car-328 Car-329 Car-330 Car-331 Car-332 Car-333 Car-334 Car-335 Car-336 Car-337 Car-338 Car-339 Car-340 Car-341 Car-342 Car-343 Car-344 Car-345 Car-346 Car-347 Car-348 Car-349 Car-350 Car-351 2011 2001 2001 2009 2009 2004 2011 1998 1996 2011 2009 2011 2005 2009 2004 2006 2001 2003 2000 2011 2004 2000 1996 2004 1997 2005 1998 2011 2002 1997 2005 2000 2004 2001 2010 2000 1996 2011 2001 2010 1998 2009 2004 2000 1 11 11 3 3 8 1 14 16 1 3 1 7 3 8 6 11 9 12 1 8 12 16 8 15 7 14 1 10 15 7 12 8 11 2 12 16 1 11 2 14 3 8 12 12100 7000 7800 11200 12000 8700 12100 6700 6400 12700 11800 12500 8800 11400 9300 10300 7600 9700 8600 11100 9500 7300 5700 9400 6400 9600 6200 11700 8300 7300 9000 7300 9600 7600 12200 7700 5500 12000 8000 11800 6700 11200 10000 7900 13000 124000 112000 43000 27000 86000 10000 160000 170000 16000 31000 10000 71000 45000 91000 61000 124000 97000 124000 17000 93000 141000 169000 91000 156000 79000 151000 6000 106000 156000 69000 132000 97000 130000 22000 139000 173000 7000 119000 23000 145000 40000 83000 137000 170 160 130 140 200 220 170 130 200 220 150 220 200 210 150 180 170 210 190 130 220 130 220 140 220 200 150 140 170 220 140 160 220 210 190 220 180 160 150 170 170 170 200 210 24 21 12 15 33 39 24 12 33 42 18 42 33 36 18 27 24 36 30 12 42 12 39 15 42 33 15 15 24 42 15 21 42 36 30 42 27 21 18 24 24 24 33 36 USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No No No No No No No No No No No No No No No No No No No No No No No No Yes Yes Yes Yes Car-352 Car-353 Car-354 Car-355 Car-356 Car-357 Car-358 Car-359 Car-360 Car-361 Car-362 Car-363 Car-364 Car-365 Car-366 Car-367 Car-368 Car-369 Car-370 Car-371 Car-372 Car-373 Car-374 Car-375 Car-376 Car-377 Car-378 Car-379 Car-380 Car-381 Car-382 Car-383 Car-384 Car-385 Car-386 Car-387 Car-388 Car-389 Car-390 Car-391 Car-392 Car-393 Car-394 Car-395 2007 2007 2009 2005 2010 2004 1998 2010 2008 2001 2009 2006 2008 1999 1996 1997 2011 2001 2001 2008 1996 2009 2010 1998 1999 1998 2004 2010 2000 2005 2004 2005 2006 2007 2010 1997 2001 2011 1998 1999 2008 1996 2000 2009 5 5 3 7 2 8 14 2 4 11 3 6 4 13 16 15 1 11 11 4 16 3 2 14 13 14 8 2 12 7 8 7 6 5 2 15 11 1 14 13 4 16 12 3 10600 10200 11000 9000 11800 9800 6700 11200 10700 8400 11700 9200 10300 6800 6000 6800 12800 8700 7600 12000 6200 10600 12100 5900 6900 5900 10100 11900 7500 10200 9100 8700 9700 9200 11200 6100 8200 11200 7000 7400 10600 6700 6900 12200 49000 54000 40000 87000 25000 81000 155000 26000 44000 116000 40000 64000 47000 144000 174000 162000 19000 120000 118000 47000 179000 31000 30000 157000 150000 161000 97000 22000 138000 85000 97000 71000 73000 64000 31000 161000 129000 23000 153000 142000 44000 179000 138000 38000 200 130 180 160 190 140 160 130 210 170 180 130 210 210 210 160 130 220 150 220 210 180 180 190 190 150 200 170 180 200 160 130 130 160 170 160 140 210 160 130 150 180 220 200 33 12 27 21 30 15 21 12 36 24 27 12 36 36 36 21 12 42 15 42 36 27 27 30 30 18 33 24 27 33 21 12 12 21 24 21 15 36 21 12 15 27 39 33 Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign Foreign USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No No No No Yes Yes Car-396 Car-397 Car-398 Car-399 Car-400 Car-401 Car-402 Car-403 Car-404 Car-405 Car-406 Car-407 Car-408 Car-409 Car-410 Car-411 Car-412 Car-413 Car-414 Car-415 Car-416 Car-417 Car-418 Car-419 Car-420 Car-421 Car-422 Car-423 Car-424 Car-425 Car-426 Car-427 Car-428 Car-429 Car-430 Car-431 Car-432 Car-433 Car-434 Car-435 Car-436 Car-437 Car-438 Car-439 1999 2006 1996 1996 2000 2004 2006 2008 1999 2005 2010 2000 1996 2008 1999 2008 2011 1996 2004 2004 1999 2005 2003 2011 2000 2003 1997 2004 2000 1996 1998 2008 1997 2004 2010 2001 2011 2003 2000 2010 2009 2000 2006 2000 13 6 16 16 12 8 6 4 13 7 2 12 16 4 13 4 1 16 8 8 13 7 9 1 12 9 15 8 12 16 14 4 15 8 2 11 1 9 12 2 3 12 6 12 6800 9600 5800 4900 7900 9600 9000 11700 6800 9100 11300 6800 4900 11300 7600 10400 11100 4900 9200 8700 7800 8900 8300 11900 7000 8700 5600 9500 6900 4800 6900 10400 7300 9200 12300 8300 12100 8800 7400 11400 11100 7000 10500 7100 137000 77000 174000 184000 128000 82000 76000 43000 139000 84000 29000 139000 166000 39000 138000 39000 5000 176000 94000 97000 145000 85000 98000 17000 128000 99000 158000 98000 126000 181000 144000 55000 164000 81000 31000 114000 8000 103000 125000 21000 29000 128000 72000 137000 130 210 190 140 140 150 140 210 130 210 200 160 140 130 140 150 130 130 170 220 220 130 160 200 150 150 210 130 130 180 160 150 220 130 220 180 210 210 130 150 130 200 170 160 12 36 30 15 15 15 15 36 12 36 33 21 15 12 15 18 12 12 24 39 39 12 21 33 15 15 36 12 12 27 21 18 42 12 42 27 36 36 12 15 12 33 24 21 USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA Foreign Foreign Foreign Foreign Foreign Foreign USA USA USA USA USA USA USA USA Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No No No No No No No No No No No No No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Car-440 Car-441 Car-442 Car-443 Car-444 Car-445 Car-446 Car-447 Car-448 Car-449 Car-450 Car-451 Car-452 Car-453 Car-454 Car-455 Car-456 Car-457 Car-458 Car-459 Car-460 Car-461 Car-462 Car-463 Car-464 Car-465 Car-466 Car-467 Car-468 Car-469 Car-470 Car-471 Car-472 Car-473 Car-474 Car-475 Car-476 Car-477 Car-478 Car-479 Car-480 Car-481 Car-482 Car-483 1998 2004 1997 1999 1996 2009 1998 2007 1996 2011 1997 2009 2002 2007 2005 2005 1996 2010 2011 1999 1998 2005 1999 2009 2008 2008 2009 2010 2003 2004 2009 2008 2001 1996 2009 2011 1996 2005 1998 2011 2008 2005 2004 2002 14 8 15 13 16 3 14 5 16 1 15 3 10 5 7 7 16 2 1 13 14 7 13 3 4 4 3 2 9 8 3 4 11 16 3 1 16 7 14 1 4 7 8 10 6700 10100 5100 6900 5900 11100 6200 10700 5600 11800 6000 11100 8100 10700 9100 8900 5600 12300 11500 7500 7100 8700 7300 11500 10700 11000 10600 11400 9500 9800 10600 10300 8100 5000 11900 12200 5100 9600 7500 12800 11700 8500 9600 7800 147000 85000 173000 136000 184000 29000 149000 58000 168000 22000 172000 33000 103000 66000 70000 76000 171000 16000 20000 148000 159000 75000 151000 33000 54000 43000 37000 32000 102000 80000 29000 52000 126000 179000 33000 23000 170000 71000 158000 13000 51000 76000 94000 117000 170 200 180 130 160 190 130 170 170 150 160 180 130 150 210 160 200 180 210 210 190 180 220 210 160 130 140 140 210 180 220 190 180 190 150 220 180 190 180 220 220 130 190 140 24 33 27 12 21 30 12 24 24 15 21 27 12 18 36 21 33 27 36 36 30 27 42 36 21 12 15 15 36 27 39 30 27 30 18 42 27 30 27 42 42 12 30 15 USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA Yes Yes Yes Yes Yes Yes Yes Yes No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No Yes Yes Yes Yes Yes Yes Car-484 Car-485 Car-486 Car-487 Car-488 Car-489 Car-490 Car-491 Car-492 Car-493 Car-494 Car-495 Car-496 Car-497 Car-498 Car-499 Car-500 2004 2002 2001 1997 2005 2003 2005 2007 1996 2004 2008 1999 2002 1997 1996 2003 2010 8 10 11 15 7 9 7 5 16 8 4 13 10 15 16 9 2 9400 8100 7800 6300 9400 9000 9300 11200 5000 9800 11600 7200 8800 6200 5400 10000 12400 95000 119000 123000 158000 69000 106000 78000 60000 177000 82000 45000 133000 119000 167000 174000 100000 18000 210 160 200 150 160 210 200 200 160 190 210 130 210 130 190 220 190 36 21 33 15 21 36 33 33 21 30 36 12 36 12 30 39 30 USA USA USA USA USA USA USA USA USA USA USA USA USA Foreign Foreign Foreign Foreign Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No No No Grading: To provide consistency in grading, I use a standardized rubric. The rubric is attached to this assignment. Below Expectations Meets Expectations Exceeds Expectations 1 [Student did not provide any economic data] 2 [Student provided at least four economic measures to support their belief of the State of the Economy] 3 [Student provided more than four economic measures to support their belief of the State of the Economy] 1 [Student did not provide any discussion] 2 [Discussed moderately] 3 [Correctly discussed] 3. Results (i.e. – Provide educated inferences) 1 [Student did not provide any discussion] 2 [Discussed moderately] 3 [Correctly discussed] 4. Policy Recommendations 1 [Student did not provide any policy recommendations and/or provided inappropriate policy recommendations.] 2 [Student provided at least three appropriate policy recommendations based upon stated S. O. E.] 3 [Student provided more than three appropriate policy recommendations based upon stated S. O. E.] Content Area: 1. Hypothesis(es) and Empirical Support (i.e.- Develop hypothesis (es), DATA, WHERE did you get your data and/or information? Summary statistics etc) 2. Analysis (i.e. –Using Statistical models: ANOVA/Regression Model etc.) (i.e. – given the problems you point out, what could be done to help improve those?) Paper Due Date: Check your Syllabus Total possible points - 100 ECON IS HOT
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Explanation & Answer

Attached.

Running Head: STATISTICAL ANALYSIS USING EXCEL

1

Statistical Analysis Using Excel.
Institution of Affiliation.
Student’s Name.
Date.

STATISTICAL ANALYSIS USING EXCEL.

2

Problem 1.
This research corresponds to the analysis of the characteristics and main features of cars whose data is a part of the inventory of a car
dealer company. The main variables in the dataset includes; car, year, age, price ($), mileage, power (hp), fuel (mph), region of origin
(manufactured in USA or elsewhere), and single ownership (yes = owned by one owner, no = owned by more than one owner). The
main objective of the study is to investigate the nature of association between the price of a car and the age of the car.

1. The Hypothesis
The following is the set of null and alternative hypothesis for the analysis
Null Hypothesis: There exists no significant relationship between the price of a car and its age.
Alternative hypothesis: There exists a significant relationship between the price of a car and its age.
2. Univariate regression analysis
The following is the regression equation model;
𝑃𝑟𝑖𝑐𝑒 𝑜𝑓 𝑡ℎ𝑒 𝑐𝑎𝑟 = 𝛽0 + 𝛽1𝐴𝑔𝑒 𝑜𝑓 𝑡ℎ𝑒 𝑐𝑎𝑟 + 𝜀1
The following are the regression analysis results;
SUMMARY
OUTPUT
Regression
Statistics
Multiple R
R Square
Adjusted R Square

0.964412592
0.930091648
0.92995127

STATISTICAL ANALYSIS USING EXCEL.
Standard Error
Observations

3

553.0145712
500

ANOVA
df
Regression
Residual
Total

Intercept
Age

1
498
499

Coefficients
12574.95135
420.6112589

SS
MS
F
2026278672 2.03E+09 6625.612
152300907.8 305825.1
2178579580
Standard
Error
49.78655278

t Stat
252.5773

P-value
0

5.167350035

-81.3979

7.2E-290

Significance
F
7.1865E-290

Lower
Upper
Lower 95%
Upper 95%
95.0%
95.0%
12477.13377 12672.76893 12477.13377 12672.76893
-430.7637529 410.4587648 430.7637529 410.4587648

The following is the result of the regression analysis model;
𝑃𝑟𝑖𝑐𝑒 𝑜𝑓 𝑡ℎ𝑒 𝑐𝑎𝑟 = 12574.95 − 420.61 𝐴𝑔𝑒 𝑜𝑓 𝑡ℎ𝑒 𝑐𝑎𝑟 + 𝜀1

The regression equation implies that the price of the car when the age of the car is zero is approximately 12574.95 and with any unit
increase of the price of the car, the age of the car decreases by 420.61 units. There is a very significant association between the age of
the car and the respective car prices which is clearly depicted by the immense amount of variation indicated by the R-squared statistic
0.93 hence implying that there exist approximately 93% amount of variation between the ...


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