(You don't need to emphasise that it is a common module with standard. This gave me a bit of confusion actually - I probably would've just preferred as a statistics question.)
This looks suspiciously like an assignment so I'm not going to delve into too much detail. But here are some pointers I would suggest contemplating:
- Given that the later parts basically require you to consider lines of best fit, you're basically going to have to choose something to be an independent variable, and another to be a dependent variable. (For each model you build, that is.)
- For the independent variable, recall what your focus is. You're asking yourself "what could I possibly alter myself, that would alter the result of another variable"?
- For the dependent variable, exactly what influenced feature do you believe is of particular interest here? Because this assignment is about taxi fares, you're obviously gonna consider the (estimated) min and max costs. Do you believe that the min cost should be used for model conclusion? Or the max cost? Or some kind of mixture of the two?
- Part a) seems to mention that you're allowed two scatterplots. Perhaps this mean you can try out more than one model?
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