Question

What would be the main variables, control variables if any, how they are labeled, value ranges, specific data source be to answer if [nutritional content] or other predictor measure(s) of a cereal affect its price?

The course is Applied Decision Methods and we have been working with regression models. There is a group project and the topic chosen by the group is "Does [nutritional content] or other predictor measure(s) of a cereal affect its price?" We need to submit proposal to the professor and I have no idea how to begin. This needs to be completed by sunday and the groups is not responding. Below is the actual guidelines given bu the Professor.

Proposal

Submit a Research Proposal for instructor approval that includes your main variables, any control variables, how they are labeled, what your value ranges are, your specific data source, and your tentative research question

Answer 1

A variable can be defined as anything whose value varies. It can be a number or any characteristic that may vary. There are two types of variables, namely independent and dependent variables. The distinction is made on the basis of whether the variable determines the other variable or is determined by another variable.

The independent variable is those variables whose value does not depend on any other variable. It is shown on the right-hand side of the equation. These variables are stable and remain unaffected by other factors. On the other hand, the dependent variables are those variables whose values are determined by other variables. The value of these variables is affected by the changes that occur in the independent variables. Dependent variables are shown on the left-hand side of the equation.

In the statistics, the independent variable indicates the inputs that are used to produce the output which is the dependent variable here because its value is determined by the values that the independent variables take. Any kind of manipulation that takes place in the independent variables leads to changes in the dependent variables.

It can also be said that the values of the independent variables can be controlled by the one who is conducting the experiment. Suppose, someone undertakes the experiment to check if the number of chocolates consumed by people prolongs their years of life. Here, the independent variable is the number of chocolates whose value can be controlled by the one conducting the experiment, and the dependent variable is the years of life.