5. Among important factors that affecting the price of land lot are size, number of mature trees anddistance to the lake. Using data for 60 recently sold land lots are shown below:B1 SUMMARY OUTPUT23.Regression Statistics4 Multiple R5 R Square6 Adjusted R Square7 Standard Error0.49240.24250.201940.248 Observations609.10 ANOVASignificance F5.9711dfSMS9676.60.001312 Regression13 Residual329,03090,694561619.514 Total59119,7241516Coefficients Standard Errort StatP-value0.03310.215617 Intercept51.3923.522.1918 Lot size0.7000.5591.2519 Trees0.6790.2292.960.004520 Distance-0.3780.195-1.940.0577a) Write the regression equationb) What is the standard error of estimate? Interpret its value.c) What is the coefficient of determination? Interpret its value.d) What is the adjusted coefficient of determination? Interpret its value.e) Test the validity of the model.f) Interpret each of the coefficients.g) Test at 5% level of significance, whether each of the independent variables is linearly relatedto the price of land lot in the model.

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5. Among important factors that affecting the price of land lot are size, number of mature trees and distance to the lake. Using data for 60 recently sold land lots are shown below: A B C F 1 SUMMARY OUTPUT Regression Statistics 4 Multiple R 5 R Square 6 Adjusted R Square 7 Standard Error 0.4924 0.2425 0.2019 40.24 8 Observations 60 9. 10 ANOVA Significance F 0.0013 11 df MS 12 Regression 29,030 90,694 119,724 9676.6 5.97 13 Residual 56 1619.5 14 Total 59 15 16 Coefficients Standard Error t Stat P-value 17 Intercept 51.39 23.52 2.19 0.0331 18 Lot size 0.700 0.559 1.25 0.2156 19 Trees 0.679 0.229 2.96 0.0045 20 Distance -0.378 0.195 -1.94 0.0577 a) Write the regression equation b) What is the standard error of estimate? Interpret its value. c) What is the coefficient of determination? Interpret its value. d) What is the adjusted coefficient of determination? Interpret its value. e) Test the validity of the model. f) Interpret each of the coefficients. g) Test at 5% level of significance, whether each of the independent variables is linearly related to the price of land lot in the model.

5. Among important factors that affecting the price of land lot are size, number of mature trees and distance to the lake. Using data for 60 recently sold land lots are shown below: A B C F 1 SUMMARY OUTPUT Regression Statistics 4 Multiple R 5 R Square 6 Adjusted R Square 7 Standard Error 0.4924 0.2425 0.2019 40.24 8 Observations 60 9. 10 ANOVA Significance F 0.0013 11 df MS 12 Regression 29,030 90,694 119,724 9676.6 5.97 13 Residual 56 1619.5 14 Total 59 15 16 Coefficients Standard Error t Stat P-value 17 Intercept 51.39 23.52 2.19 0.0331 18 Lot size 0.700 0.559 1.25 0.2156 19 Trees 0.679 0.229 2.96 0.0045 20 Distance -0.378 0.195 -1.94 0.0577 a) Write the regression equation b) What is the standard error of estimate? Interpret its value. c) What is the coefficient of determination? Interpret its value. d) What is the adjusted coefficient of determination? Interpret its value. e) Test the validity of the model. f) Interpret each of the coefficients. g) Test at 5% level of significance, whether each of the independent variables is linearly related to the price of land lot in the model.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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