Final Project Econ 335
Due date: June 22nd, 2017 @ 11:00 PM
In this project, you will be employing all the theories/concepts from this course work. This is NOT a group project, so you will not use any help from outside including internet, current or old friends, and professors from this university or others.You are allowed to get limited help from SVSU tutors. You can always contact me if you have any questions regarding this project. Please follow the instructions for this project and select the appropriate techniques that you have learned in this class in order to answer the following questions. Points will be deducted if the submission does not follow the following format:
Use only clean sheets of good quality 8 1/2″ x 11″ white paper. Text should be typed on one side only. Do not put any perfume or cologne on the sheets, neither try to decorate the sheets of paper; remember, it’s an academic piece of writing. A title page is essential. Pages should be consecutively numbered, with numbers put in the upper right hand corner, flush with the right margin and 1/2″ from the top with 12 font size and 1.5 spacing. Please upload the copy of your project, using Excel output in your Canvas account (Under Assignment Tab > Project-Spring-2017) by 2:00PM on Monday, June 22nd, 2017. Due date will not be extended under any circumstances (except emergency).
Total points = 100 points
The data in UsedCars represent characteristics of cars that are currently part of an inventory of a used car dealership. The variables included are car, year, age, price($), mileage, power(hp), fuel (mph), Region of origin (manufactured in USA or in a foreign country), and single ownership (Yes= owned by one or No= owned by more than one owner). The excel file for this problem is stored in Canvas under module called “Used Cars”.
You want to describe each of these variables, and you would like to predict the price of the used cars. Make sure to take appropriate steps to analyze this data set and write a mini report for the Car Dealer. Also, do you think that the model is missing some important variables? If so, what are those missing variables? Please explain. (100 points)
[Hints: Following computations will be helpful to write this report. Write hypotheses, Summary Statistics, Correlation, Figures or Charts, regression models, checking assumptions, testing for autocorrelation, and the like]