Bluereef real estate agent wants to form a relationship between the prices of houses, how many bedrooms, House size in sq ft and Lot Size in sq ft. The data pertaining to 100 houses were processed using MINITAB and the following is an extract of the output obtained: The regression equation is Price = ß + ¢Bedroom + yHouse Size + ALot Size Predictor Coef SE Coef т P Constant 37718 14177 2.66 ** Bedrooms 2306 6994 0.33 0.742 House Size 74.3 52.98 0.164 Lot Size -4.36 17.02 -0.26 0.798 S= 25023 R-Sq=56.0% R-Sq (adj)=54.6% Source DE MS F Regression Residual 76501718347 25500572782 **** Error 96 60109046053 626135896 Total 99 a) Write out the regression equation. b) Fill in the missing values *, **, *** and ****. c) Use the p-value approach to determine if o is significant at the 5% significance level
Bluereef real estate agent wants to form a relationship between the prices of houses, how many bedrooms, House size in sq ft and Lot Size in sq ft. The data pertaining to 100 houses were processed using MINITAB and the following is an extract of the output obtained: The regression equation is Price = ß + ¢Bedroom + yHouse Size + ALot Size Predictor Coef SE Coef т P Constant 37718 14177 2.66 ** Bedrooms 2306 6994 0.33 0.742 House Size 74.3 52.98 0.164 Lot Size -4.36 17.02 -0.26 0.798 S= 25023 R-Sq=56.0% R-Sq (adj)=54.6% Source DE MS F Regression Residual 76501718347 25500572782 **** Error 96 60109046053 626135896 Total 99 a) Write out the regression equation. b) Fill in the missing values *, **, *** and ****. c) Use the p-value approach to determine if o is significant at the 5% significance level
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter4: Equations Of Linear Functions
Section4.5: Correlation And Causation
Problem 2AGP
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Transcribed Image Text:Bluereef real estate agent wants to form a relationship between the prices of houses, how many
bedrooms, House size in sq ft and Lot Size in sq ft.
The data pertaining to 100 houses were processed using MINITAB and the following is an extract
of the output obtained:
The regression equation is Price = B + ¢Bedroom + yHouse Size + ALot Size
Predictor
Coef
SE Coef
T
P
Constant
37718
14177
2.66
**
Bedrooms
2306
6994
0.33
0.742
House Size
74.3
52.98
0.164
Lot Size
-4.36
17.02
-0.26 0.798
S= 25023
R-Sq=56.0%
R-Sq (adj) =54.6%
Source
DF
MS
F
P
Regression
Residual
3
76501718347 25500572782
***
****
Error
96
60109046053
626135896
Total
99
a) Write out the regression equation.
b) Fill in the missing values *, **, *** and ****
c) Use the p-value approach to determine if ø is significant at the 5% significance level
d) Is y significantly different from -0.5?
e) Perform the F test at the 1% level, making sure to state the null and alternative hypotheses.
f) Give an interpretation to the term "R-sq" and comment on its value.
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