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 multipleregression 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?)
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
Twosample 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 
