(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.

Solution details:
STATUS
QUALITY
Approved

This question was answered on: Sep 21, 2023

Solution~00021147637472.zip (25.37 KB)

This attachment is locked

Our expert Writers have done this assignment before, you can reorder for a fresh, original and plagiarism-free copy and it will be redone much faster (Deadline assured. Flexible pricing. TurnItIn Report provided)

STATUS

QUALITY

Approved

Sep 21, 2023

EXPERT

Tutor