A developer who specializes in summer cottage properties is considering purchasing a large tract of land adjoining a lake. The current owner of the tract has already subdivided the land into separate building lots and has prepared the lots by removing some of the trees. The developer wants to forecast the value of each lot. From previous experience, she knows that the most important factors affecting the price of a lot are size, number of mature trees, and distance to the lake. From a nearby area, she gathers the relevant data for 60 recently sold lots. Use a 5% significance level for all tests Test the validity of the model. What is the p-value of the test statistic? ) a) F = 1.97, p-value = .013. O b) F = 1.97, p-value = .13. c) F = 9.97, p-value = .013. d) None of the answers are correct e) F = 5.97, p-value = .0013.
A developer who specializes in summer cottage properties is considering purchasing a large tract of land adjoining a lake. The current owner of the tract has already subdivided the land into separate building lots and has prepared the lots by removing some of the trees. The developer wants to forecast the value of each lot. From previous experience, she knows that the most important factors affecting the price of a lot are size, number of mature trees, and distance to the lake. From a nearby area, she gathers the relevant data for 60 recently sold lots. Use a 5% significance level for all tests Test the validity of the model. What is the p-value of the test statistic? ) a) F = 1.97, p-value = .013. O b) F = 1.97, p-value = .13. c) F = 9.97, p-value = .013. d) None of the answers are correct e) F = 5.97, p-value = .0013.
Algebra: Structure And Method, Book 1
(REV)00th Edition
ISBN:9780395977224
Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Chapter2: Working With Real Numbers
Section2.3: Rules For Addition
Problem 8P
Related questions
Question
| Price | Lot size | Trees | Distance |
| 105.4 | 41.2 | 24 | 42 |
| 91.2 | 44.8 | 5 | 71 |
| 183.3 | 21.3 | 72 | 43 |
| 93.8 | 43.9 | 58 | 14 |
| 207.5 | 57.7 | 52 | 12 |
| 130.9 | 33.4 | 78 | 26 |
| 162.3 | 31.4 | 65 | 51 |
| 18.8 | 27.4 | 22 | 0 |
| 80.5 | 26.2 | 68 | 83 |
| 38.3 | 40 | 57 | 76 |
| 71.3 | 47.6 | 53 | 35 |
| 55.5 | 31.6 | 36 | 26 |
| 85.7 | 21.6 | 23 | 24 |
| 110.5 | 36.3 | 48 | 98 |
| 85.1 | 47.2 | 61 | 59 |
| 78.3 | 30.5 | 41 | 55 |
| 27.2 | 41.8 | 1 | 60 |
| 70.9 | 20.6 | 20 | 33 |
| 101.4 | 35.3 | 38 | 75 |
| 133.3 | 40.1 | 68 | 0 |
| 117.7 | 35.6 | 24 | 41 |
| 49.7 | 20.6 | 16 | 77 |
| 49.6 | 22.4 | 32 | 86 |
| 83.2 | 45.8 | 77 | 19 |
| 81.3 | 29.4 | 40 | 0 |
| 152.5 | 51.7 | 60 | 34 |
| 112.2 | 27.2 | 0 | 16 |
| 37.1 | 37 | 50 | 49 |
| 130.2 | 38.9 | 48 | 63 |
| 39.1 | 32.5 | 25 | 45 |
| 81.9 | 34 | 12 | 0 |
| 24.6 | 35.8 | 16 | 34 |
| 101.9 | 32.9 | 44 | 42 |
| 117.6 | 46.4 | 62 | 48 |
| 148.8 | 51.9 | 59 | 39 |
| 60.2 | 28.9 | 0 | 66 |
| 43.7 | 35.2 | 57 | 77 |
| 113.1 | 30.4 | 70 | 78 |
| 38.1 | 38.3 | 24 | 62 |
| 89.2 | 49.2 | 61 | 0 |
| 3 | 21.5 | 46 | 83 |
| 55.8 | 41.9 | 10 | 69 |
| 89.7 | 21.8 | 79 | 62 |
| 136.1 | 66.3 | 56 | 34 |
| 44.7 | 28.2 | 73 | 77 |
| 63.2 | 41.9 | 64 | 65 |
| 163.4 | 46.7 | 69 | 27 |
| 64.1 | 32.1 | 12 | 0 |
| 98.7 | 38.5 | 59 | 77 |
| 139.9 | 27.6 | 0 | 0 |
| 92 | 47 | 65 | 37 |
| 66.6 | 20.7 | 24 | 51 |
| 16.4 | 34 | 12 | 75 |
| 131.9 | 31.9 | 76 | 63 |
| 11 | 28 | 2 | 42 |
| 27.9 | 40 | 52 | 84 |
| 103.5 | 46.6 | 26 | 70 |
| 107 | 23.2 | 11 | 83 |
| 51.6 | 46.4 | 53 | 44 |
| 133.4 | 32.1 | 55 | 98 |
this is the data required to solve the question.
Transcribed Image Text:A developer who specializes in summer cottage properties is considering purchasing a
large tract of land adjoining a lake. The current owner of the tract has already
subdivided the land into separate building lots and has prepared the lots by removing
some of the trees. The developer wants to forecast the value of each lot. From
previous experience, she knows that the most important factors affecting the price of
a lot are size, number of mature trees, and distance to the lake. From a nearby area,
she gathers the relevant data for 60 recently sold lots. Use a 5% significance level for
all tests
Test the validity of the model. What is the p-value of the test statistic?
) a) F = 1.97, p-value = .013.
O b) F = 1.97, p-value = .13.
c) F = 9.97, p-value = .013.
d) None of the answers are correct
e) F = 5.97, p-value = .0013.
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