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MATH302 America Public Price of Car & Consumer Review Variable Analysis

MATH302 America Public Price of Car & Consumer Review Variable Analysis

Question Description

Look back to the raw data you collected in week 1. There are 7 variables listed:

Vehicle type/class

Year

Make

Model

Price

MPG (city)

MPG (highway)

Choose TWO variables that you feel are correlated and explain why you feel that they are correlated. Do you suspect the relation is positive or negative? Why? Which would be considered the independent variable, which the dependent variable? Why?

Run a regression analysis in Excel and provide the results in your post. Looking at the r squared value, explain what this indicates about the strength of the relation.

I encourage you to review the Week 7 Regression PDF at the bottom of the discussion forums. This will give you a step by step example on how to calculate a correlation and run a Regression using Excel. I DO NOT recommend doing this by hand. Let Excel do the heavy lifting for you.

Instructions: Your initial post should be at least 150 words. Make sure you include your data set in your initial post as well. You must also respond to at least 2 other students. Responses should be a minimum of 50 words and may include direct questions.

Peer response #1 – Looking at your peer’s Excel output, create an equation for the linear regression line for their expression. Write a problem you could use to make a prediction and show the work for your predicted value based on your expression. *For example, if your peer wrote a regression equation relating vehicle make to price, I may write a problem asking to predict the selling price of a 2017 Dodge Charger.*

Peer response #2 – It is important to remember that typically a two-factor regression model cannot accurately describe the entire situation. Look at the dependent variable that your peer chose. What other factors do you think are related to this variable aside from the independent factor they have listed? Name at least 2 factors and explain why you feel they are related.


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