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In: Statistics and Probability

In what follows use any of the following tests/procedures: Regression, multiple regressions, confidence intervals, one-sided t-test...

In what follows use any of the following tests/procedures: Regression, multiple regressions, confidence intervals, one-sided t-test or two-sided t-test. All the procedures should be done with 5% P-value or 95% confidence interval Upload CARS data. SETUP: It is believed that Mercedes’ prices (Suggested price) are different than BMW’s. Given the data your job is to confirm or disprove this belief. (CAREFULL: sort the data in order to extract the needed information). 1. What test/procedure did you perform? a. One-sided t-test b. Two-sided t-test c. Regression d. ??Confidence interval 2. What is the P-value/margin of error? a. 0.161902527 b. 0.080951264 c. 6.149555 d. 8.065421 e. ??None of these 3. Statistical interpretation a. Since P-value is very small we are confident that the average Price is above 40000. b. Since P-value is large we cannot claim that the averages are different. c. Since P-value is very small we are confident that the slope of regression line is not zero. d. ??None of these. 4. Conclusion a. Yes, I am confident that the above assertion is correct. b. No, we cannot claim that the above assertion is correct. DATA: MERCEDES BMW 26060 30795 28370 37995 32280 30245 33480 35495 35920 36995 37630 37245 52120 39995 94820 44295 128420 44995 45707 54995 52800 69195 48170 73195 57270 74320 86970

Solutions

Expert Solution

1) Statistical test procedure to be performed = Comparison of means t-test

a) two sided t- test

2) Data

MERCEDES BMW
26060 30795
28370 37995
32280 30245
33480 35495
35920 36995
37630 37245
52120 39995
94820 44295
128420 44995
45707 54995
52800 69195
48170 73195
57270 74320
86970

Two-Sample T-Test and CI: MERCEDES, BMW

Method

μ₁: mean of MERCEDES
µ₂: mean of BMW
Difference: μ₁ - µ₂

Equal variances are not assumed for this analysis.

Descriptive Statistics

Sample N Mean StDev SE Mean
MERCEDES 14 54287 29527 7891
BMW 13 46905 15815 4386

Estimation for Difference

Difference 95% CI for
Difference
7382 (-11451, 26216)

Test

Null hypothesis H₀: μ₁ - µ₂ = 0
Alternative hypothesis H₁: μ₁ - µ₂ ≠ 0
T-Value DF P-Value
0.82 20 0.423

2) p-value = 0.423

3) Since P-value is large we cannot claim that the averages are different.

4) No, we cannot claim that the above assertion is correct.

*** The answer is as per the data you have provided I thoght 1st observation is for MERCEDES and 2nd for BMW**** If it is wrong perception upload data properly I will solve it again.

orchestra answered 11 months ago
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