Investigating Which Factors Affect the Price of a Used Car
Introduction:
I have been given a database which contains information about one
hundred different used cars. We are investigating what is the most
influential factor when buying a second hand car. The factors which I
will be using are the age and mileage of the cars to see how they
affect the price.
Hypothesis:
Cars which are older and have got more mileage are generally cheaper,
but if I have a vintage (antique) car it will change my graph so it
would skew my data as an outlier. Also some cars will depreciate
quicker than others in their first year.
Plan:
Using the data which has been given to me I will compare age to
mileage on a scatter graph with price. If I did the investigation by
hand I would have chosen a sample of 100 cars of about 20 being picked
at random using every 5th car as a sample and picking where to start
counting at random by putting the numbers lets say the numbers 1-5 in
a hat and pulling one out at random, But however I have been given the
data on excel. By doing the charts on excel I will be able to plot all
the data on the scatter graph and then draw a line of best fit
(trendline) more easily and then compare between age and mileage
because the computer can generate a graph much quicker than if done by
hand. This will show me what sort of correlation the graph has,
whether positive or negative and how strong it is and also become
apparent with the line of best fit. If my investigation goes well, my
hypothesis should be correct and should expect some outliers. On excel
I would eliminate the outlier if I need to get a better line of best
fit. Also I can use specific makes of cars to compare how quickly the
car price decreases. When I have completed the graph containing all
the cars I will draw graphs containing specified data specific to
A person should be able to describe the monthly costs to operate a business, or talk about a marathon pace a runner ran to break a world record, graphs on a coordinate plane enable people to see the data. Graphs relay information about data in a visual way. If a person read almost any newspaper, especially in the business section, they will probably encounter graphs.
a vehicle traveling 36 miles per hour on a 30 mile per hour road. You decide to
Draw a line of best fit for the moon visibility, high tides, and low tide
Overview dashboards for all report sets. For navigation consistency, it is required that a chart from each report set to be displayed on this dashboard
Indexmundi (2013) ‘Historical Data Graphs per Year’ Indexmundi Available from http://www.indexmundi.com/g/g.aspx?c=ei&v=21 [accessed on the 29-3-2014]
Carly (Specifically for BMW)- This app has a total of 4.4 stars and runs users 44.99
Then, a scatterplot was formed with the data (Figure 3). It was a crucial graph as it helped determine the outliers in the information (see Appendix D for the outlier chart). Some of these outliers were located in towns with really low population numbers (the average population for an American city or town is around 20000)
A bar chart or bar graph is a chart that presents grouped data with rectangular bars with lengths proportional to the values that they represent. The bars can be plotted vertically or horizontally. A vertical bar chart is sometimes called a column bar
7 the data we obtained from BMW with research in the library and on-line. We then developed a
It’s July 27th and everybody from a small community of around 300 people have gathered for its annual lottery. The leader of the community Mr. Summers leads the lottery. After going over the rules he has each of the head of households come and select a small folded white card from the inside of a box. These heads of the households include the fathers of the families, except in two cases where the father is deceased which leads to the oldest son being the head of the household, and a wife being the lottery participant because of her husband’s broken leg. After everyone has selected their cards Mr. Summers instructs them to open their cards. All of the cards are blank except one with a large black dot. Bill Hutchinson was the man who had the
Above is my original data. In the graph, it can be seen that there are
The situation originated on the 1960’s game show “Let’s Make a Deal,” in which a contestant was asked to choose between three doors, one of which had a car hidden behind it. This sounds fairly trivial; the contestant would clearly have a 1 in 3 chance of picking the “correct” door. But, the situation soon becomes more complex. Let’s say the contestant chose door #1. Instead, Monty opens door #2 (not chosen by the contestant), and shows them that there is no car behind it. So, here’s the question: should the contestant stick with door #1, or switch to door #3 in hopes of winning a brand new
There are many different automobile companies providing buyers with many styles of cars, trucks, SUVs, and motorcycles. Toronto Star January 14, 2005 present ways to approach the automotive buying process. There are many different surveys, crash reports, and rating systems comparing different companies and their vehicles. Things you should look for when reading these published articles are who conducted the study? Who paid for it? Who gains from it? Who loses? These are all things to keep eye on as some automotive companies will run their own surveys making their products seem overpowering against the competition. Some prove their products are safer then the competition where the competition has been proven time and time again to make that survey seem inaccurate.
A vehicle is one of the biggest purchases a person will ever make. Over the years, the prices of an automobile have increased due to the rise of inflation. Due to a price index, the price of an automobile changes over a certain period of time. Economists compare averages of automobiles to calculate the cost of each vehicle that presents itself on a car lot. When all of the above is calculated within the purchase of an automobile, it affects every area of making the automobile to selling the automobile. All of these factors are impacted together for the automobile industry as a whole.
Intuitively, a cost-plus approach sets a lower boundary for the selling price. Yet to pitch a competitive price on the market, it takes more than that. The demand forecast advocates opting for the lowest selling price which yields the highest return. A market penetration strategy necessitates thorough knowledge of the selling prices of the nearest competitors and their retaliation potential. Ideally, the lowest price in the market of £10,400 dictates the upper ceiling of AUDI’s price discretion. However, setting initially a too low price in the hope for increasing it subsequently is not a viable option, as prices are somewhat inflexible upward. Instead, costs have to sink in the long run. Nevertheless, claiming a larger market share will allow AUDI to deftly climb the steep learning curve, lower its costs and further mobilize against market followers. A high price elasticity of demand insinuates that profit margins will continue to soar, if selling prices are reduced any further. As the point of maximum profit is apparently not yet reached, the company is advised to extend the range of the forecast. But is the highest profit naturally the best profit?