Data Set Preparation
(Using A JMP Folder) Can email you if comment your email.
1. (10 pts.) Using the “Toyota Corolla” data set on Canvas (Home à “JMP” à “(Under: JMP Data Sets folder)”, you will be modeling the “Price” of a car as the dependent variable (Y). Please select one independent variable (X) you think may help explain Price, from the following three: “Age”, “Mileage”, or “Weight” of a car. In the space below, state your choice and explain why you chose it.
Next, randomly select a subset (sample) of 100 observations from the data file using the commands: Tables → Subset → Random - sample size: → (select 100 observations). After doing so, please use the newly created data window, and move on to the Data Exploration section below.
2. (10 pts) Use to JMP to estimate the 95% confidence interval for the mean of both the dependent and independent variables.
3. For the Price variable, test the hypothesis of µ being different than 11,500 at the 5% level of significance:
(a) (10 pts) State your null and alternative hypotheses.
(b) (10 pts) Find the relevant p-value and write it down.
(c) (10 pts) What do you conclude, based on your findings?
4. (10 pts) Find the correlation is between the dependent and independent. Comment on the strength of the relationship.
Simple Linear Regression Modeling
5. Fit the regression model:
(a) (10 pts) Run the regression of Y (Price) on X (independent variable) and plot the regression line over the data. Paste your output below.
(b) (10 pts) Identify the results of the hypothesis test (p-value) on the regression slope coefficient. What do you conclude?
(c) (10 pts) Write out the regression equation.
(d) (10 pts) Make a prediction for Y (Price), by using one of the relevant bullets below:
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