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In an effort to predict the price of a used BMW that will be sold to a car dealer at a local auction, a sample of 52 cars that were sold at auction...
2. In an effort to predict the price of a used BMW that will be sold to a car dealer at a local auction, a sample of 52 cars that were sold at auction recently was collected.
The data is in the file called BMW2 which is posted on Blackboard provides the price ($1000), odometer (miles), and series (different models 3, 5 or 7 series).
- Develop three models:
1. Using only price and odometer to predict the price of the used BMW.
2. Using price, odometer, and series to predict the price of the used BMW.
3. Using price, odometer, series, and interaction terms to predict the price of the used BMW.
b. Test to determine if each model is useful in predicting the price of the used BMW.
c. Use the appropriate test to determine the best model.
d. Use the best model you have selected in part “C” to estimate the price of a 5 Series with 25,000 Miles.
Questions and solutionsIn an effort to predict the price of a used BMW that will be sold to a car dealer at a local auction, asample of 52 cars that were sold at auction recently was collected....