(Solution) An auditor for a county government would like to develop a model to predict the county taxes based on the age of single-family houses. A random... > Snapessays.com


(Solution) An auditor for a county government would like to develop a model to predict the county taxes based on the age of single-family houses. A random...


Need help with 1d.Handout assignment IV

 

1.

 

An auditor for a county government would like to develop a model to predict the county taxes

 

based on the age of single-family houses.

 

A random sample of 19 single-family houses bas been

 

selected, with the following

 

results:

 

Taxes

 

Age

 

925

 

1

 

870

 

2

 

809

 

4

 

720

 

4

 

694

 

5

 

630

 

8

 

626

 

10

 

562

 

10

 

546

 

12

 

523

 

15

 

480

 

20

 

486

 

22

 

462

 

25

 

441

 

25

 

426

 

30

 

368

 

35

 

350

 

40

 

348

 

50

 

322

 

50

 

a) Set up a scatter diagram between age and county taxes.

 

b) State the liner regression equation.

 

c) State the quadratic regression equation. Determine whether there is a significant overall relationship

 

between age and county taxes at the 0.05 level of significance.

 

d) Determine which one of the models is better to be used for predicting the average county tax

 

es for a

 

house.

 

Use significant level 0.025.

 

e) Using the quadratic regression equation Predict the average county tax

 

es for a house that is 20 years

 

old.

 

2. In an effort to predict the price of a used BMW that will be sold to a car dealer at a local

 

auction, a sample of 52 cars that were sold at auction recently was collected.

 

The data is in the file called BMW2 which is posted on Blackboard provides the price ($1000),

 

odometer (miles), and series (different models 3, 5 or 7 series).

 

a.

 

Develop three models:

 

1.

 

Using only price and odometer to predict the price of the used BMW.

 

2.

 

Using price, odometer, and series to predict the price of the used BMW.

 

3.

 

Using price, odometer, series, and interaction terms to predict the price of the used

 

BMW.

 

b.

 

Test to determine if each model is useful in predicting the price of the used BMW.

 

c.

 

Use the appropriate test to determine the best model.

 

d.

 

Use the best model you have selected in part “C” to estimate the price of a 5 Series with

 

25,000 Miles.

 


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This question was answered on: Sep 21, 2023

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DATE ANSWERED

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