(c) Interpret the estimated coefficients stating if they are statistically significant in explainingprice of houses. Also interpret R squared.SUMMARY OUTPUT price and bathsRegression StatisticsMultiple R 0.382173R Square0.146056Adjusted F 0.137765Standard E 0.364917ObservatioANOVAdfRegressionResidualTotal105SSMSF ignificance F1 2.345936 2.345936 17.61679 5.75E-05103 13.71597 0.133165104 16.0619Coefficientstandard Err t Stat P-value Lower 95% Upper 95%.ower 95.0%/pper 95.0%1.375992 0.171692 8.014289 1.8E-12 1.03548 1.716503 1.03548 1.716503X Variable 0.003188 0.00076 4.197236 5.75E-05 0.001682 0.004695 0.001682 0.004695Intercept

1. Coefficient for Intercept (1.375992): The intercept represents the estimated value of the…

Answered: (c) Interpret the estimated…

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter4: Polynomial And Rational Functions

Section4.6: Rational Functions

Problem 11SC: Find the mean hourly cost when the cell phone described above is used for 240 minutes.

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Price elasticity of demand (supply) or simply elasticity of demand (supply) measures the relative or percentage variation experienced by the quantity demanded (supplied) as a consequence of a change in the price of one percent (1%); In other words, it measures the intensity with which buyers (sellers) respond to a change in the priceprice. Elasticity is often used with respect to the price-demand relationship or the price-supply relationship, but the applicability of this concept is not restricted to that single case, but is broader, since the elasticity is calculated in percentages, since it is the only way to obtain a common unit of measure. When calculating the elasticity in arelationship, the units of measurement are maintained, therefore, they do not measure a proportional change, but a propensity, such as the well-known propensit to Keynesian consumption. The rate at which the selling price changes and from a product, with respect to its supply "x", is given by the following…

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