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A researcher is interested in finding out the factors which determined the yearly spending on family outings last year (Y, measured in dollars). She compiles data on the number of members in a family (X1), the annual income of the family (X2), and the number of times the family went out on an outing in the last year (X3). She collects data from 313 families and estimates the following regression: ŷ=120.45+1.12X₁ +1.05X2 +1.05X3. Suppose B1, B2, B3, denote the population slope coefficients of X1, X2, and X3, respectively. The researcher wants to check if neither X₁ nor X2 have a significant effect on Y or at least one of them has a significant effect, keeping X3 constant. She calculates the value of the F-statistic for the test with the two restrictions (Ho: B₁ = 0, ß₂ = 0 vs. H₁: B₁ #0 and/or ß2 0) to be 4.61. The p-value for the test will be (Round your answer to two decimal places.) At the 5% significance level, we will the null hypothesis. QUESTION NUMBER 9

A researcher is interested in finding out the factors which determined the yearly spending on family outings last year (Y, measured in dollars). She compiles data on the number of members in a family (X1), the annual income of the family (X2), and the number of times the family went out on an outing in the last year (X3). She collects data from 313 families and estimates the following regression: ŷ=120.45+1.12X₁ +1.05X2 +1.05X3. Suppose B1, B2, B3, denote the population slope coefficients of X1, X2, and X3, respectively. The researcher wants to check if neither X₁ nor X2 have a significant effect on Y or at least one of them has a significant effect, keeping X3 constant. She calculates the value of the F-statistic for the test with the two restrictions (Ho: B₁ = 0, ß₂ = 0 vs. H₁: B₁ #0 and/or ß2 0) to be 4.61. The p-value for the test will be (Round your answer to two decimal places.) At the 5% significance level, we will the null hypothesis. QUESTION NUMBER 9

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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A researcher is interested in finding out the factors which determined the yearly spending on family outings last year (Y, measured in dollars). She compiles data on the number of members in a family (X1), the annual income of the family (X2), and the number of times the family went out on an outing in the last year (X3). She collects data from 313 families and estimates the following regression: ŷ=120.45+1.12X₁ +1.05X2 +1.05X3. Suppose B1, B2, B3, denote the population slope coefficients of X1, X2, and X3, respectively. The researcher wants to check if neither X₁ nor X2 have a significant effect on Y or at least one of them has a significant effect, keeping X3 constant. She calculates the value of the F-statistic for the test with the two restrictions (Ho: B₁ = 0, ß₂ = 0 vs. H₁: B₁ #0 and/or ß2 0) to be 4.61. The p-value for the test will be (Round your answer to two decimal places.) At the 5% significance level, we will the null hypothesis. QUESTION NUMBER 9
Transcribed Image Text:A researcher is interested in finding out the factors which determined the yearly spending on family outings last year (Y, measured in dollars). She compiles data on the number of members in a family (X1), the annual income of the family (X2), and the number of times the family went out on an outing in the last year (X3). She collects data from 313 families and estimates the following regression: ŷ=120.45+1.12X₁ +1.05X2 +1.05X3. Suppose B1, B2, B3, denote the population slope coefficients of X1, X2, and X3, respectively. The researcher wants to check if neither X₁ nor X2 have a significant effect on Y or at least one of them has a significant effect, keeping X3 constant. She calculates the value of the F-statistic for the test with the two restrictions (Ho: B₁ = 0, ß₂ = 0 vs. H₁: B₁ #0 and/or ß2 0) to be 4.61. The p-value for the test will be (Round your answer to two decimal places.) At the 5% significance level, we will the null hypothesis. QUESTION NUMBER 9
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