Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

ECON7300: Statistical Project Assignment (Part II), Semester 2, 2022 Instructions for Datasetl part II: Simple Regression Analysis The cases that make up this dataset are

image text in transcribed
image text in transcribed
ECON7300: Statistical Project Assignment (Part II), Semester 2, 2022 Instructions for Datasetl part II: Simple Regression Analysis The cases that make up this dataset are types of cars. For a sample of 223 types of cars sold in Australia during the 2010 and 2011 model years, we have the base price (bprice) and the horsepower (hpower) of the engine. The variables in the dataset are: bprice (Y, in Australian dollars) hpower (X, in units) The dependent variable for your analysis is bprice. Answer the following questions using Dataset1 part II. (a) Estimate a regression model using X to predict Y (state the simple linear regression equation). (b) Interpret the meaning of the slope. (c) Predict Y when X = 210 (d) Compute the coefficient of determination and interpret its meaning. (e) Compute the standard error of the estimate and interpret its meaning. Judge the magnitude of the standard error of the estimate. (f) Perform a residual analysis (plot the residuals) and evaluate whether the assumptions of regression have been violated. (g) Test for the slope using t test ( follow all the necessary steps). Assume 5% level of significance. (h) Test for the slope using F test ( follow all the necessary steps). Assume 5% level of significance. (i) Test for the correlation coefficient (follow all the necessary steps). Assume 5% level of significance. (j) Compute a 95% confidence interval estimate of the mean Y for all types of cars sold in Australia during 2010 and 2011 model years when X = 210 and interpret its meaning. (k) Compute a 95% prediction interval of Y for a type of car sold during the 2010 and 2011 model years when X = 210 and interpret its meaning

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image
Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Statistics For Business Decision Making And Analysis

Authors: Robert Stine, Dean Foster

2nd Edition

978-0321836519, 321836510, 978-0321890269

More Books

Students also viewed these Mathematics questions

Question

The feeling of boredom.

Answered: 1 week ago