Complete a simple regression analysis using mileage to predict selling price. Simple regression: 1. Describe dataset 1. Cross sectional ortimeseries 2. Types of variables 3. Dene explanatory and response variable 2. Scatterplot. l. Linearity assumption 2. Look for outliers 3. Interpret r 3. Fit a line then plot residuals 4. Check other assumptions 1. Independence 9'Random 2. Equal variance (residual plot.) 3. Normal population (histogram of residuals, QQ plot, Goodnessoft) 5. Interpret regression equation including the slope and yintercept 6. Interpret Rsquared and complete hypothesis test for slope 1. Make predictions 2. Condence interval for predicted values or means if providing predictions T. Report conclusion 1. Is a linear regression equation appropriate to model this relationship? Why or why not? 2. Were any assumptions made?l 3. 1What are the limitations of the model