which observation in the validation partition has the greatest error

INSTRUCTIONS TO CANDIDATES

ANSWER ALL QUESTIONS

2. Regression Analysis (33.33 points)

a. Import the ToyotaCorolla-Exam.csv file to R Studio.

b. Randomly select 60% of the cars and assign them to a training partition. The remaining 40% of cars should be assigned to a validation partition.

c. Fit a linear regression model on the training partition using OLS with Price as the dependent variable and Age_08_04, KM, Fuel_Type and HP as the predictors.

d. Write the equation of the fitted model below.

e. What is the RMSE of the fitted model in the validation partition? Interpret the results.

f. Using your fitted model, what is the predicted price of a diesel car 25 months old with 41,008 km driven, and a 90 HP engine? You may use Excel to assist you.

g. Order the observations in your validation partition from low to high Price and create 20 bins with each bin containing an approximately equal number of observations from the validation partition. For each of the 20 bins, calculate the average predicted and average actual values using only the observations in the bin. Plot the results on a line chart with bin number on the X axis and Price on the Y axis.

h. Which observation in the validation partition has the greatest error? Why do you think this observation has the largest error and what, if anything, can be done about it?

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