We want to determine the factors that affect selling prices of Ford Mustangs (answer attached) - 14482

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We want to determine the factors that affect selling prices of Ford Mustangs (answer attached)

Please shows all work in excel.

We want to determine the factors that affect selling prices of Ford Mustangs. The statistical analysis of the data involves hypothesis testing and multiple-regression analysis.
Analyses that you'll want to do are:

1. Test the hypothesis that mean price does not depend on whether the car is a convertible. (Interpret your answer in nontechnical terms for "Tom".) Then, perform the same hypothesis for transmission type, presence or absence of air conditioning, GT model or not, and private versus dealer ownership.

2. Perform a hypothesis test that mean selling price does not vary with color.


3. Find a reasonable multiple regression model of PRICE on the other variables available in the data set. (Which variables are significant, which are not? How do the significant variables affect the PRICE?)

Solution Description

Convertible

The null hypothesis tested is

H0: The mean price does not depend on whether the car is a convertible.

The alternative hypothesis is

H1: The mean price depends on whether the car is a convertible

Attachments
Simple+Data+Analysis%2BAnswers.doc
Simple+Data+Ana...
Simple+Data+Analysis.xls
Simple+Data+Ana...

Two-sample analysis for PRICE_0 minus PRICE_1

 
       

Summary stats for two samples

   
   

PRICE_0

PRICE_1

 

Sample sizes

25

10

 

Sample means

7281.200

10475.600