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 (x1x1) is the square footage, the second independent variable (x2x2) is the number of bedrooms, and the third independent variable (x3x3) is the age of the house. Effects on Selling Price of Houses Square Feet Number of Bedrooms Age Selling Price 2823 5 1313 297100 2659 4 1313 281600 2589 3 1111 277300 2539 3 1010 276300 1954 3 55 224300 1927 3 44 215000 1785 3 33 172700 1627 2 22 172000 1133 2 22 111700 Step 1 of 2 : Find the p-value for the regression equation that fits the given data == what is the p-value for the regression equation?
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
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 (x1x1) is the square footage, the second independent variable (x2x2) is the number of bedrooms, and the third independent variable (x3x3) is the age of the house.
| Square Feet | Number of Bedrooms | Age | Selling Price |
|---|---|---|---|
| 2823 | 5 | 1313 | 297100 |
| 2659 | 4 | 1313 | 281600 |
| 2589 | 3 | 1111 | 277300 |
| 2539 | 3 | 1010 | 276300 |
| 1954 | 3 | 55 | 224300 |
| 1927 | 3 | 44 | 215000 |
| 1785 | 3 | 33 | 172700 |
| 1627 | 2 | 22 | 172000 |
| 1133 | 2 | 22 | 111700 |
Find the p-value for the regression equation that fits the given data
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what is the p-value for the regression equation?
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