Is there relationship between age and average price

Assignment Help Basic Statistics
Reference no: EM131381494

In the situation of given problem, test for the existence of a linear relationship between the two variables.

Problem
An article in Worth discusses the immense success of one of the world's most prestigious cars, the Aston Martin Vanquish. This car is expected to keep its value as it ages. Although this model is new, the article reports resale values of earlier Aston Martin models over various decades.

Decade:

1960s

1970s

1980s

1990s

2000s

Present value of Aston Martin Model (average)

$180,000

$40,000

$60,000

$160,000

$200,000

Based on these limited data, is there a relationship between age and average price of an Aston Martin? What are the limitations of this analysis? Can you think of some hidden variables that could affect what you are seeing in the data?

Reference no: EM131381494

Questions Cloud

Explain in this context what your p-value means : Depression. A study published in the Archives of General Psychiatry in March 2001 examined the impact of depression on a patient's ability to survive cardiac disease.
Development and implementation of student interventions : School social workers (SSWs) are known for serving students with social, emotional, and academic needs. Implementing Response to Intervention (RTI)/Multi-Tiered System of Supports (MTSS) is one avenue in which SSWs play an integral role by guiding..
Calculate the elasticity for housing : If we assume that mortgage interest rates and all other factors affecting home sales are constant, what do these figures suggest about the elasticity of demand for housing? Using the information calculate the elasticity for housing.
Explain in this context what your p-value means : Create a 95% confidence interval for the difference in the proportion of children who may smoke and have approving parents and those who may smoke and have disapproving parents.
Is there relationship between age and average price : What are the limitations of this analysis? Can you think of some hidden variables that could affect what you are seeing in the data?
Which ideas particularly appealed to you or troubled you : Honors Econ 215- Which ideas particularly appealed to you or troubled you? Can you synthesize these ideas into a workable definition of "value" for yourself? How would you define what gives something "value" in your own words?
Explanation for structural unemployment : Consider why are minimum-wage laws a better explanation for structural unemployment among teenagers or among college graduates.
Amount of frictional unemployment : Consider why frictional unemployment is inevitable. How might the government reduce the amount of frictional unemployment?
What kind of design was used to collect these data : If your conclusion is actually incorrect, which type of error did you commit?

Reviews

Write a Review

Basic Statistics Questions & Answers

  Statistics-probability assignment

MATH1550H: Assignment:  Question:  A word is selected at random from the following poem of Persian poet and mathematician Omar Khayyam (1048-1131), translated by English poet Edward Fitzgerald (1808-1883). Find the expected value of the length of th..

  What is the least number

MATH1550H: Assignment:  Question:     what is the least number of applicants that should be interviewed so as to have at least 50% chance of finding one such secretary?

  Determine the value of k

MATH1550H: Assignment:  Question:     Experience shows that X, the number of customers entering a post office during any period of time t, is a random variable the probability mass function of which is of the form

  What is the probability

MATH1550H: Assignment:Questions: (Genetics) What is the probability that at most two of the offspring are aa?

  Binomial distributions

MATH1550H: Assignment:  Questions:  Let’s assume the department of Mathematics of Trent University has 11 faculty members. For i = 0; 1; 2; 3; find pi, the probability that i of them were born on Canada Day using the binomial distributions.

  Caselet on mcdonald’s vs. burger king - waiting time

Caselet on McDonald’s vs. Burger King - Waiting time

  Generate descriptive statistics

Generate descriptive statistics. Create a stem-and-leaf plot of the data and box plot of the data.

  Sampling variability and standard error

Problems on Sampling Variability and Standard Error and Confidence Intervals

  Estimate the population mean

Estimate the population mean

  Conduct a marketing experiment

Conduct a marketing experiment in which students are to taste one of two different brands of soft drink

  Find out the probability

Find out the probability

  Linear programming models

LINEAR PROGRAMMING MODELS

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd