Correlation and Regression Assignment

Added on - 28 May 2020

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Running Head: STATISTICAL INFERENCE, CORRELATION AND REGRESSIONANALYSISStatistical Inference, Correlation and Regression AnalysisName of the StudentName of the UniversityAuthor Note
1STATISTICAL INFERENCE, CORRELATION AND REGRESSION ANALYSISTable of ContentsAnswer 1: Statistical Inference Topic..............................................................................................2Answer 2: Simple Linear Regression Model...................................................................................2Answer 3: Multiple Linear Regression Model................................................................................2
2STATISTICAL INFERENCE, CORRELATION AND REGRESSION ANALYSISAnswer 1: Statistical Inference TopicIn the dataset, the prices and the sellers of the cars are recorded. There are two types ofsellers. They are private sellers and car dealers. It was required to find out whether the averageselling price of cars are different for private sellers and car dealers. It has been found from theanalysis that there are no significant differences in the average selling prices of the cars sold bythe different dealers.Answer 2: Simple Linear Regression ModelIn this question, the relationship between the age of a car and its price has to beestimated. It has been observed that there is not much relationship between the age of the carsand the price of the cars.The equation with the help of which the price of the cars can be predicted from the age ofthe cars is given by:Price of cars = 34219.88 – 2452.29 * AgeThe value of 34219.88 in the equation provided above indicates an estimate of the priceof the cars when age of the cars is unavailable or zero. Again, 2452.29 indicate the rate ofdecrease in the price of cars with one unit increase in the age of the cars. From the analysis, it hasalso been observed that the relationship between the variables price of the cars and age of thecars are very less. Only 6 percent of the variability of the change in the prices of the cars can beexplained by the age of the cars.
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