Question

I am interested in predicting the value of a single antique baseball cards. I think the age of a card and its condition are two variables that will contribute information to the value of the card. What analysis should I conduct? A confidence interval for estimating the average price of all baseball cards produced in a particular year and in a specific condition. A z-test comparing the average price of cards in good condition to the average price of cards in poor condition. A Chi-square test for determining if age and condition are independent factors. A regression analysis using the independent variables, age and condition, to predict the dependent variable, value.

Answer 1

it is given that we want to predict the card value using the two variables, i.e. by age of card and its condition.

we know that z test is used for testing the means difference, so it is not possible for us to use z test for prediction. This means option B is incorrect

Confidence interval is used to calculate an interval for the population parameter, but it is never helpful in predicting a variable using two other variables. So, option A is also incorrect

Chi square test is used to test for the independence between two variables. So, option C is also incorect

We know that regression analysis is helpful in providing us with models that can be used for predicting one variable using one or more variables.

So, in this case we have to one dependent variable, which needs to be predicted using the other two variables. So, option D is correct