Cars Analysis

An expert who works for a car magazine obtained random data (roundedto the nearest thousand) among two categories of used or new cars:

Domestic
Foreign

The expert would like to understand sales based on list price(rounded to the nearest thousand dollars), sale price (rounded to thenearest thousand dollars), and number of days it takes to sell each car.The complete data set is in the file named Cars.

Managerial Report

Prepare a report (see below) that summarizes your assessment of the nature of the car market. Be sure to include the following seven items in your report.

1. Descriptive statistics (mean, median, range, standard deviation,and coefficient of variation) to summarize each of the three variablesfor the all Domestic cars. Use z-scores to determine if there anyoutliers in the data set for any of the three variables. If there areany outliers in any category, please list them and state for whichcategory they are an outlier. If a result is an outlier, state whetherit is below or above the mean.
2. Descriptive statistics (mean, median, range, standard deviation, andcoefficient of variation) to summarize each of the three variables forthe all Foreign cars. Use z-scores to determine if there any outliers inthe data set for any of the three variables. If there are any outliersin any category, please list them and state for which category they arean outlier. If a result is an outlier, state whether it is below orabove the mean.
3. Compare your summary results from #1 and #2. Discuss any specificstatistical results that would help the car expert understand the carmarket.
4. Develop a 98% confidence interval estimate of the population meansales price and population mean number of days to sell for Domesticcars. What is the Margin of error? What are the lower (or left) andupper (or right) endpoints of the confidence interval? Interpret yourresults.
5. Develop a 98% confidence interval estimate of the population meansales price and population mean number of days to sell for Foreign cars.What is the Margin of error? What are the lower (or left) and upper (orright) endpoints of the confidence interval? Interpret your results.
6. Assume the car expert requested estimates of the mean number of daysto sell for the Domestic cars with a margin of error of seven days andthe mean number of days of Foreign cars with a margin of error of eightdays. Using 98% confidence, how large should the sample sizes be foreach?
7. Suppose a Domestic car has a list price of $30,000 and a Foreign carhas a list price of $30,000. What is your estimate of the final sellingprice (based on the percent difference for the sale and list price) andnumber of days required to sell each of these cars?

Write a report that adheres to the Written AssignmentRequirements under the heading “Expectations for CSU-Global WrittenAssignments” found in the CSU-Global Guide to Writing and APA Requirements.As with all written assignments at CSU-Global, you should have in-textcitations and a reference page. An example paper is provided in the MTH410 Guide to Writing with Statistics. (link provided at the bottom of the page)

Submit your Excel file in addition to your report.

Requirements:

1. Paper must be written in third person.
2. Your paper should be four to five pages in length (counting thetitle page and references page) and cite and integrate at least onecredible outside source. The CSU-Global Library is a great place to find resources.
3. Include a title page, introduction, body, conclusion, and a reference page.
4. The introduction should describe or summarize the topic or problem.It might discuss the importance of the topic or how it affects you orsociety as a whole, or it might discuss or describe the uniqueterminology associated with the topic.
5. The body of your paper should answer the questions posed in theproblem. Explain how you approached and answered the question or solvedthe problem, and, for each question, show all steps involved. Be surethis is in paragraph format, not numbered answers like a homeworkassignment.
6. The conclusion should summarize your thoughts about what you havedetermined from the data and your analysis, often with a broaderpersonal or societal perspective in mind. Nothing new should beintroduced in the conclusion that was not previously discussed in thebody paragraphs.
7. Include any tables of data or calculations, calculated values,and/or graphs associated with this problem in the body of yourassignment.
8. Document formatting, citations, and style should conform to the CSU-Global Virtual Library CSU-Global Guide to Writing and APA: Introduction. A short summary containing much that you need to know about paper formatting, citations, and references is contained in the New Sample APA Paper. In addition, information in the CSU-Global Virtual Library under the Writing Center/APA Resources tab has many helpful areas (Writing Center, Writing Tips, Template & Examples/Papers & Essays, and others).