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Regression Analysis in Used Car Market

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Questions and Answers

Which variable is expected to be the dependent variable in the context of the used car market?

Distance travelled by the car

Price of used car (correct)

Odometer reading

Wear and tear of the car

What is the main reason why odometer reading is expected to be the explanatory variable?

It measures the distance travelled by the car

It measures how much the owner loves to drive the car

It indicates the wear and tear of the car (correct)

It influences the price of the used car

What is the relationship between the price of a used car and its odometer reading?

The higher the odometer reading, the higher the price of the car

The relationship between the two variables is uncertain

The higher the odometer reading, the lower the price of the car (correct)

There is no relationship between the two variables

What is the primary reason why the price of a used car is influenced by its odometer reading?

The odometer reading indicates the car's wear and tear Signup and view all the answers

Which of the following statements is true about the relationship between the price of a used car and its odometer reading?

The price of the car decreases with its odometer reading Signup and view all the answers

What is the role of the odometer reading in determining the price of a used car?

It influences the car's price indirectly through wear and tear Signup and view all the answers

Study Notes

Explanatory and Dependent Variables in Used Car Market

The price of a used car and odometer reading are believed to be inter-related.
There are two possible relationships between the variables:

Possible Relationship 1

Odometer reading is the explanatory variable.
Price of used car is the dependent variable.
The odometer reading influences the price of the used car, as it indicates the wear-and-tear of the car.

Possible Relationship 2

Price of used car is not the explanatory variable.
Odometer reading is not the dependent variable.
The relationship between the variables is not that the price of the car influences the odometer reading.

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Description

Identify the explanatory and dependent variables in the relationship between odometer reading and price of a used car. Understand how the variables influence each other.