Use your data set and summary statistics from Part 1 of the Project, to answer the following questions. Put your results in a semi-professional looking report. Make sure to include your name, date, title, page numbers, etc.
If there were any invalid responses in your data, you will want to eliminate these responses from your sample and mention that this was done in the intro or conclusion of your paper.
For 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 Confidence Interval for the Population Mean (CI for µ)
- List the summary statistics (i.e. sample average, sample standard deviation, sample size, and anything else you would like to include) for the PRICEvariable.
- Create a 95% CI for the true mean of your PRICE variable. (Note: you do not need to show your work).
- Practically interpret this confidence interval.
- Theoretically interpret the phrase “95% confident.”
B. Create and Interpret a Confidence Interval for p (CI for p)
- 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").
- Pick one of the levels as a "success" then calculate p^ and interpret that value. Optionally, you may also want to calculate 1 - p^.
- Create a 95% CI for p. (You do not need to show your calculations)
- Practically interpret this confidence interval.
- Theoretically interpret the phrase “95% confident.”
C. Optional
You may wish to include an introduction, conclusion, check your assumptions, etc. However, this will not be a part of your grade.