Question
This question is based on data collected from Kelly Blue Book for a sample of particular brand used cars (all cars were sold as brand
This question is based on data collected from Kelly Blue Book for a sample of particular brand used cars (all cars were sold as brand new in 2005). The variables contained in the dataset are: Price: Retail price of the used car. The condition of a car can greatly affect price. All cars in this data set were considered to be in excellent condition. Mileage: number of miles the car has been driven. Liter: a specific measure of engine size (large value indicates large engine size). Model: STD=basic model STD XT=Standard with extra features DLX=STD XT with a larger engine PREMIUM=top line model. Based on our general knowledge of cars, we would expect the following associations between the various features of a car and its Price: Price decreases as mileage increases. Price increases at each liter level from 2.8 to 5.7. Price increases at each model change from STD through PREMIUM. Please answer the following: a) What are the X and Y variables of this study? b) Use JMP to carry out a 4-step EDA of this dataset. Provide the screen shot of each graph (organized by EDA step) along with a brief interpretation. c) Comment on the nature of the associations among Mileage, Liter, Model and Price based on the results of the Y by X step of your EDA. d) Are the conclusions that you stated in response to part (c) in agreement with your expectations based on our general knowledge of factors that affect used car prices. e) Do you see a need for further analysis? Explain.
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