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Options Blue Black Exterior Color Black, 9, 30% Blue, 3, 10% Burgundy, 1, 3.33% Gray, 4, 13.33% Gray Gray/Black, 1, 3.33% Red, 8, 26.67% White,
Options Blue Black Exterior Color Black, 9, 30% Blue, 3, 10% Burgundy, 1, 3.33% Gray, 4, 13.33% Gray Gray/Black, 1, 3.33% Red, 8, 26.67% White, 2, 6.67% White White Black, 1, 3.33% Yellow, 1, 3.33% RedFor this project, use the PRICE variable and your qualitative variable that isn't color (either: sustained damage or not, convertible or not, or single owner or not). A. Create and Interpret a Condence Interval for the Population Mean (CI for u) 1. List the summary statistics (i.e. sample average, sample standard deviation, sample size, and anything else you would like to include) for the PRICE variable. 2. Create a 95% CI for the true mean of your PRICE variable. (Note: you do not need to show your work). 3. Practically interpret this condence interval. 4. Theoretically interpret the phrase "95% condent." B. Create and Interpret 3 Condence Interval for p (CI for p) 1. State the number of vehicles who are in each of the two groups for your qualitative variable that isn't color and the total sample size. For example, if your non-color qualitative variable was single owner or not single owner, then I would state something like, "30 Camaros were sampled. Of those 30 Camaros, 17 had a single owner and 13 had more than one owner\"). 2. Pick one of the levels as a "success" then calculate 13 and interpret that value. Optionally, you may also want to calculate 1 15. 3. Create a 95% CI for p. (You do not need to show your calculations) 4. Practically interpret this condence interval. 5. Theoretically interpret the phrase \"95% condent."
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