Question: I chose two variables from the attached spreadsheet I created: Variable 1: YEAR Variable 2: PRICE Can you help me answer the following questions regarding
I chose two variables from the attached spreadsheet I created:
Variable 1: YEAR
Variable 2: PRICE
Can you help me answer the following questions regarding the 2 variables?? I included the whole spreadsheet I created just so you can see what's going on.
1) Explain why these two variables are correlated. (I was thinking they correlate because the price of a car usually varies by the value in the market, and cars depreciate the minute they're driven off the lot. Can you think of anything else?)
2) Determine and explain if the relation is positive or negative? Why?
3) Which would be considered the independent variable, which the dependent variable? Why?
4). Run a regression analysis in Exceland provide the results.
Looking at the R2value, explain what this indicates about the strength of the relation. Then write out your Regression Equation, state if your p-value and conclusion.
| Vehicle Type (Qualitative) | Year (Quantitative) | Model (Qualitative) | Price (Quantitative) | City MPG (Quantitative) | Hwy MPG (Quantitative) | Crash Testing Rate (Quantitative) |
| Toyota | 2022 | Tacoma Double Cab | $ 28,828.00 | 20 | 23 | 4 |
| Chevrolet | 2022 | Tahoe | $ 49,700.00 | 16 | 20 | 4 |
| Chevrolet | 2022 | Silverado 2500 HD Crew Cab | $ 48,980.00 | Unavailable | Unavailable | Unavailable |
| Toyota | 2022 | Tundra Double Cab TRD Pro | $ 51,900.00 | 17 | 24 | 4 |
| Dodge | 2010 | Dakota Extended Cab | $ 22,755.00 | 15 | 20 | 4.0 - 5.0 |
| Ford | 2022 | F150 Regular Cab | $ 28,940.00 | 19 | 24 | 5 |
| Ford | 2022 | Bronco | $ 30,795.00 | 20 | 21 | Unavailable |
| GMC | 2022 | Canyon Crew Cab | $ 26,800.00 | 19 | 25 | 4 |
| Jeep | 2020 | Gladiator | $ 33,545.00 | 17 | 22 | Unavailable |
| Jeep | 1992 | Comanche Regular Cab | $ 9,926.00 | 21 | 23 | 1 |
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