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The following multiple regression printout can be used to predict the price (Price) of a used car given how many miles it has on it (Mileage), the size of the engine (Liter), and whether it has leather interior (Leather), where Leather = 1 for cars that have leather interior and 0 otherwise. Regression Analysis: Price Versus Mileage, Liter, Leather Coefficients Term -Value P-Value Coef 6,951 Constant SE Coef 515 0.0172 13.50 0.000 Mileage -0.0847 -4.92 0.000 Liter 3,794 31.10 0.000 122 313 Leather 1,024 3.27 0.001 Regression Equation Price 6,951 0.0847 Mileage + 3,794 Liter + 1,024 Leather (a) Given this Minitab printout, is the response variable in this multiple regression equation a categorical or a numerical variable? O numerical O categorical (b) Determine whether the following statement is true or false. Given this Minitab printout, the regression coefficient for miles on the car (Mileage) is statistically significant at a = 0.05. O True False (c) Determine whether the following statement is true or false.. Given this Minitab printout, the regression coefficient for engine size (Liters) is statistically significant at a = 0.05. O True False (d) Determine whether the following statement is true or false. Given this Minitab printout, the regression coefficient for whether the car has a leather interior (Leather) is statistically significant at a = 0.05. True False (e) How does having leather seats affect the expected price of the car, controlling for the mileage and size of the engine? It is expected to increase the price of the used car by $

The following multiple regression printout can be used to predict the price (Price) of a used car given how many miles it has on it (Mileage), the size of the engine (Liter), and whether it has leather interior (Leather), where Leather = 1 for cars that have leather interior and 0 otherwise. Regression Analysis: Price Versus Mileage, Liter, Leather Coefficients Term -Value P-Value Coef 6,951 Constant SE Coef 515 0.0172 13.50 0.000 Mileage -0.0847 -4.92 0.000 Liter 3,794 31.10 0.000 122 313 Leather 1,024 3.27 0.001 Regression Equation Price 6,951 0.0847 Mileage + 3,794 Liter + 1,024 Leather (a) Given this Minitab printout, is the response variable in this multiple regression equation a categorical or a numerical variable? O numerical O categorical (b) Determine whether the following statement is true or false. Given this Minitab printout, the regression coefficient for miles on the car (Mileage) is statistically significant at a = 0.05. O True False (c) Determine whether the following statement is true or false.. Given this Minitab printout, the regression coefficient for engine size (Liters) is statistically significant at a = 0.05. O True False (d) Determine whether the following statement is true or false. Given this Minitab printout, the regression coefficient for whether the car has a leather interior (Leather) is statistically significant at a = 0.05. True False (e) How does having leather seats affect the expected price of the car, controlling for the mileage and size of the engine? It is expected to increase the price of the used car by $

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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The following multiple regression printout can be used to predict the price (Price) of a used car given how many miles it has on it (Mileage), the size of the engine (Liter), and whether it has leather interior (Leather), where Leather = 1 for cars that have leather interior and 0 otherwise. Regression Analysis: Price Versus Mileage, Liter, Leather Coefficients Term P-Value Coef 6,951 -0.0847 Constant SE Coef 515 0.0172 T-Value 13.50 0.000 Mileage -4.92 0.000 Liter 122 31.10 0.000 3,794 1,024 Leather 313 3.27 0.001 Regression Equation. Price = 6,951 - 0.0847 Mileage + 3,794 Liter + 1,024 Leather (a) Given this Minitab printout, is the response variable in this multiple regression equation a categorical or a numerical variable? numerical O categorical (b) Determine whether the following statement is true or false. Given this Minitab printout, the regression coefficient for miles on the car (Mileage) is statistically significant at a = 0.05. O True O False (c) Determine whether the following statement is true or false. Given this Minitab printout, the regression coefficient for engine size (Liters) is statistically significant at a = 0.05. True False (d) Determine whether the following statement is true or false. Given this Minitab printout, the regression coefficient for whether the car has a leather interior (Leather) is statistically significant at a = 0.05. O True O False (e) How does having leather seats affect the expected price of the car, controlling for the mileage and size of the engine? It is expected to increase the price of the used car by $
Transcribed Image Text:The following multiple regression printout can be used to predict the price (Price) of a used car given how many miles it has on it (Mileage), the size of the engine (Liter), and whether it has leather interior (Leather), where Leather = 1 for cars that have leather interior and 0 otherwise. Regression Analysis: Price Versus Mileage, Liter, Leather Coefficients Term P-Value Coef 6,951 -0.0847 Constant SE Coef 515 0.0172 T-Value 13.50 0.000 Mileage -4.92 0.000 Liter 122 31.10 0.000 3,794 1,024 Leather 313 3.27 0.001 Regression Equation. Price = 6,951 - 0.0847 Mileage + 3,794 Liter + 1,024 Leather (a) Given this Minitab printout, is the response variable in this multiple regression equation a categorical or a numerical variable? numerical O categorical (b) Determine whether the following statement is true or false. Given this Minitab printout, the regression coefficient for miles on the car (Mileage) is statistically significant at a = 0.05. O True O False (c) Determine whether the following statement is true or false. Given this Minitab printout, the regression coefficient for engine size (Liters) is statistically significant at a = 0.05. True False (d) Determine whether the following statement is true or false. Given this Minitab printout, the regression coefficient for whether the car has a leather interior (Leather) is statistically significant at a = 0.05. O True O False (e) How does having leather seats affect the expected price of the car, controlling for the mileage and size of the engine? It is expected to increase the price of the used car by $
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