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A real estate developer wishes to study the relationship between the size of home a client will purchase (in square feet) and other variables. Possible independent variables include the family income, family size, whether there is a senior adult parent living with the family (1 for yes, O for no), and the total years of education beyond high school for the husband and wife. The sample information is reported below. Family 1 2 3 4 5 6 7 8 9 10 Square Feet 2,200 2,300 3,400 3,360 3,000 2,900 4,100 2,520 4,200 2,800 Income (000s) 60.8 68.4 104.5 89.3 72.2 114 125.4 83.6 133 95 Family Size 2 3 3 4 4 3 6 3 5 3 Senior Parent 0 1 0 1 0 1 0 0 0 0 Education 4 6 7 0 2 10 6 8 2 6

A real estate developer wishes to study the relationship between the size of home a client will purchase (in square feet) and other variables. Possible independent variables include the family income, family size, whether there is a senior adult parent living with the family (1 for yes, O for no), and the total years of education beyond high school for the husband and wife. The sample information is reported below. Family 1 2 3 4 5 6 7 8 9 10 Square Feet 2,200 2,300 3,400 3,360 3,000 2,900 4,100 2,520 4,200 2,800 Income (000s) 60.8 68.4 104.5 89.3 72.2 114 125.4 83.6 133 95 Family Size 2 3 3 4 4 3 6 3 5 3 Senior Parent 0 1 0 1 0 1 0 0 0 0 Education 4 6 7 0 2 10 6 8 2 6

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.3: Measures Of Spread
Problem 8PPS
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A real estate developer wishes to study the relationship between the size of home a client will purchase (in square feet) and other variables. Possible independent variables include the family income, family size, whether there is a senior adult parent living with the family (1 for yes, O for no), and the total years of education beyond high school for the husband and wife. The sample information is reported below. Family 1 2 3 4 5 6 7 8 9 10 Square Feet 2,200 2,300 3,400 3,360 3,000 2,900 4,100 Step Constant Family Size t-statistic 2,520 4,200 2,800 p-value Income t-statistic p-value S R-Sq R-Sq(adj) Click here for the Excel Data File Income (000s) 60.8 68.4 104.5 89.3 72.2 114 125.4 83.6 133 95 1 Family Size 2 3 3 4 4 3 6 3 5 3 Senior Parent 0 1 0 2 000онон ( 1 1 Education 4670NO ∞ 26 2 a. Develop an appropriate multiple regression equation using stepwise regression. (Use Excel data analysis and enter number of family members first, then their income and delete any insignificant variables. Leave no cells blank - be certain to enter "0" wherever required. R and R² adj are in percent values. Round your answers to 3 decimal places.) 10 6 8
Transcribed Image Text:A real estate developer wishes to study the relationship between the size of home a client will purchase (in square feet) and other variables. Possible independent variables include the family income, family size, whether there is a senior adult parent living with the family (1 for yes, O for no), and the total years of education beyond high school for the husband and wife. The sample information is reported below. Family 1 2 3 4 5 6 7 8 9 10 Square Feet 2,200 2,300 3,400 3,360 3,000 2,900 4,100 Step Constant Family Size t-statistic 2,520 4,200 2,800 p-value Income t-statistic p-value S R-Sq R-Sq(adj) Click here for the Excel Data File Income (000s) 60.8 68.4 104.5 89.3 72.2 114 125.4 83.6 133 95 1 Family Size 2 3 3 4 4 3 6 3 5 3 Senior Parent 0 1 0 2 000онон ( 1 1 Education 4670NO ∞ 26 2 a. Develop an appropriate multiple regression equation using stepwise regression. (Use Excel data analysis and enter number of family members first, then their income and delete any insignificant variables. Leave no cells blank - be certain to enter "0" wherever required. R and R² adj are in percent values. Round your answers to 3 decimal places.) 10 6 8
b. Select all independent variables that should be in the final model. (You may select more than one answer. Single-click the box with the question mark to produce a check mark for a correct answer and double-click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) ? Senior parent ? Square feet Family size R² Income Education c. Write out the regression equation. Square feet = d. Report and interpret the adjusted R². % (Family Size) + _ (Income)
Transcribed Image Text:b. Select all independent variables that should be in the final model. (You may select more than one answer. Single-click the box with the question mark to produce a check mark for a correct answer and double-click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) ? Senior parent ? Square feet Family size R² Income Education c. Write out the regression equation. Square feet = d. Report and interpret the adjusted R². % (Family Size) + _ (Income)
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