Factors that Affect Selling Price for Ford Mustangs
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We want to determine the factors that affect selling prices of Ford Mustangs. The statistical analysis of the data involves hypothesis testing and multiple-regression analysis. The data is attached.
Analyses that you'll want to do are:
1. Test the hypothesis that mean price does not depend on whether the car is a convertible. (Interpret your answer in nontechnical terms) Then, perform the same hypothesis for transmission type, presence or absence of air conditioning, GT model or not, and private versus dealer ownership.
2. Perform a hypothesis test that mean selling price does not vary with color.
3. Find a reasonable multiple regression model of PRICE on the other variables available in the data set. (Which variables are significant, which are not? How do the significant variables affect the PRICE?)
You will want to prepare a report of your findings. Show how the findings could use your information to set prices on other cars in the near future.
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Solution Summary
A statistical analysis is conducted to determine factors that affect the selling prices of Ford Mustangs.
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