Question
Consider a car that is 24 months old. It is a 2002 model with 30,000 KM. Based on the regression model you developed above with
Consider a car that is 24 months old. It is a 2002 model with 30,000 KM. Based on the regression model you developed above with the highest R2 , what is the mean and standard deviation for price for these type cars? Based on the probability distribution estimated above, estimate the probability this car would sell for more than 17,000.
How do I find the mean? Do I score with the best model to find the price, which would be my mean or will I have to use a formula? My formula is this:
| Intercept | -4155939.07 |
| Mfg_Year | 2083.72528 |
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Essentials of Business Analytics
Authors: Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson
2nd edition
1305627733, 978-1305861817, 1305861817, 978-0357688960, 978-1305627734
