Linear Regression and Five Step Hypothesis
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PRICE VS. AGE: A LINEAR REGRESSION:
investigate the relationship and perform a linear regression statistical analysis on sample data collected. The objective behind the analysis is to answer the research question of is there a relationship between the age of car owners and the price of their cars.
Hypothesis Statement
One of the first things the team needs to do is form a hypothesis statement in which to test. This statement will set the parameters and ask the research question. We are interested in the relationship between the age of ownership and price of vehicles. The question would be is there a relationship between a person's age and the price of the car they buy. We formulate this by saying:
H0: β1 = 0 (where there is no relationship between the age (x) of car owners and the price (y) of the purchased vehicles)
H1: β1 ≠ 0 (where there is a relationship between the age (x) of car owners and the price (y) of the purchased vehicles)
What is the five step hypothesie? (Brain Mass portion) Linear Regression & notes are attached
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Solution Summary
Linear Regression is explored.
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