The following data was collected to explore how the number of square feet in a house, the number of bedrooms, and the age of the house affect the selling price of the house. The dependent variable is the selling price of the house, the first independent variable (x1) is the square footage, the second independent variable (x2) is the number of bedrooms, and the third independent variable (x3) is the age of the house. Effects on Selling Price of Houses Square Feet Number of Bedrooms Age Selling Price 2750 5 14 296600 2696 5 11 294400 2523 4 7 281400 2057 4 7 240600 1797 4 5 208600 1767 4 5 196400 1684 4 4 171900 1554 3 4 162800 1521 3 3 144900 Copy Data Step 2 of 2: Determine if a statistically significant linear relationship exists between the independent and dependent variables at the 0.01 level of significance. If the relationship is statistically significant, identify the multiple regression equation that best fits the data, rounding the answers to three decimal places. Otherwise, indicate that there is not enough evidence to show that the relationship is statistically significant. Answer How to enter your answer (opens in new window) Tables Keypad Keyboard Shortcuts Selecting a checkbox will replace the entered answer value(s) with the checkbox value. If the checkbox is not selected, the entered answer is used. Previous Step Answer
The following data was collected to explore how the number of square feet in a house, the number of bedrooms, and the age of the house affect the selling price of the house. The dependent variable is the selling price of the house, the first independent variable (x1) is the square footage, the second independent variable (x2) is the number of bedrooms, and the third independent variable (x3) is the age of the house. Effects on Selling Price of Houses Square Feet Number of Bedrooms Age Selling Price 2750 5 14 296600 2696 5 11 294400 2523 4 7 281400 2057 4 7 240600 1797 4 5 208600 1767 4 5 196400 1684 4 4 171900 1554 3 4 162800 1521 3 3 144900 Copy Data Step 2 of 2: Determine if a statistically significant linear relationship exists between the independent and dependent variables at the 0.01 level of significance. If the relationship is statistically significant, identify the multiple regression equation that best fits the data, rounding the answers to three decimal places. Otherwise, indicate that there is not enough evidence to show that the relationship is statistically significant. Answer How to enter your answer (opens in new window) Tables Keypad Keyboard Shortcuts Selecting a checkbox will replace the entered answer value(s) with the checkbox value. If the checkbox is not selected, the entered answer is used. Previous Step Answer
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Transcribed Image Text:The following data was collected to explore how the number of square feet in a house, the number of bedrooms, and the age of the house affect the selling price of the
house. The dependent variable is the selling price of the house, the first independent variable (x1) is the square footage, the second independent variable (x2) is the
number of bedrooms, and the third independent variable (x3) is the age of the house.
Effects on Selling Price of Houses
Square Feet Number of Bedrooms Age Selling Price
2750
5
14
296600
2696
5
11
294400
2523
4
7
281400
2057
4
7
240600
1797
4
5
208600
1767
4
5
196400
1684
4
4
171900
1554
3
4
162800
1521
3
3
144900
Copy Data
Step 2 of 2: Determine if a statistically significant linear relationship exists between the independent and dependent variables at the 0.01 level of significance. If the
relationship is statistically significant, identify the multiple regression equation that best fits the data, rounding the answers to three decimal places. Otherwise, indicate
that there is not enough evidence to show that the relationship is statistically significant.
Answer
How to enter your answer (opens in new window)
Tables
Keypad
Keyboard Shortcuts
Selecting a checkbox will replace the entered answer value(s) with the checkbox value. If the checkbox is not selected, the entered answer is used.
Previous Step Answer
<y
+
x1 +
x2 +
x3
There is not enough evidence.
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