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The used car market in Australia is diverse and dynamic, with prices fluctuating...

Jul 29, 2024

The used car market in Australia is diverse and dynamic, with prices fluctuating significantly due to various factors. This investigation requires research into the prices of used cars in a suburban area, focusing on specific influencing factors. Choose TWO (2) factors to explore in detail, such as • The car’s accumulated mileage • The engine’s volume • The car’s fuel consumption rate • Any other relevant factors. Justify which model is reliable by providing mathematical analysis. Note: Do NOT include categorical data as other factors. Data Sources: Acquire relevant and reliable data from reputable sources. Report Structure: Your report on the statistical investigation process should include the following section: • Clarify the problem and formulate one or more objectives. • Design and implement a plan to collect or obtain appropriate data. • Select and apply appropriate graphical or numerical techniques to analyse the data. • Interpret the results of this analysis and relate the interpretation to the original question. • Align with TWO (2) Sustainable Development Goals (SDGs). • Communicate findings in a systematic and concise manner

Solution by Steps

step 1

Clarify the problem and formulate one or more objectives. : The objective is to investigate the prices of used cars in a suburban area, focusing on specific influencing factors such as the car’s accumulated mileage and the engine’s volume

step 2

Design and implement a plan to collect or obtain appropriate data. : Collect data on used car prices, accumulated mileage, and engine volume from reputable sources such as car dealerships, online car sales platforms, and automotive industry reports

step 3

Select and apply appropriate graphical or numerical techniques to analyze the data. : Use scatter plots to visualize the relationship between car prices and accumulated mileage, and between car prices and engine volume. Calculate correlation coefficients to quantify the strength of these relationships

step 4

Interpret the results of this analysis and relate the interpretation to the original question. : If the correlation coefficients are high, it indicates a strong relationship between the factors and car prices. For example, a negative correlation between mileage and price would suggest that higher mileage leads to lower prices

step 5

Align with TWO (2) Sustainable Development Goals (SDGs). : Align the investigation with SDG 12 (Responsible Consumption and Production) by promoting the purchase of used cars to reduce waste, and SDG 13 (Climate Action) by considering fuel-efficient cars to reduce carbon emissions

step 6

Communicate findings in a systematic and concise manner. : Present the findings in a report that includes an introduction, methodology, data analysis, results, discussion, and conclusion. Use clear and concise language, supported by graphs and tables

Answer

The investigation should focus on the car’s accumulated mileage and engine volume, using scatter plots and correlation coefficients to analyze the data. Align the findings with SDG 12 and SDG 13.

Key Concept

Data Analysis in Used Car Market

Explanation

Analyzing the relationship between car prices and factors like mileage and engine volume helps understand market dynamics and supports sustainable development goals.