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 O otherwise. Regression Analysia: Price Versua Mileage, Liter, Leather Coefficiente SE Coef 511 Coef 6,966 -0.0046 3,797 1,021 Term 2-Value P-Value 0.000 0.000 Constans Mileage Liter Leasher 13.41 0.0179 -4.73 125 30.30 0.000 314 0.001 3.28 Regression Equation Price- 6,966 - 0.0846 MAleage 3,797 Liter + 1,021 Leather (a) Given this Minitab printout, is the response variable in this multiple regression equation a categorical or a numerical variable? enumerical 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 (e) 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 O 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 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 $ 1
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 O otherwise. Regression Analysia: Price Versua Mileage, Liter, Leather Coefficiente SE Coef 511 Coef 6,966 -0.0046 3,797 1,021 Term 2-Value P-Value 0.000 0.000 Constans Mileage Liter Leasher 13.41 0.0179 -4.73 125 30.30 0.000 314 0.001 3.28 Regression Equation Price- 6,966 - 0.0846 MAleage 3,797 Liter + 1,021 Leather (a) Given this Minitab printout, is the response variable in this multiple regression equation a categorical or a numerical variable? enumerical 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 (e) 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 O 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 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 $ 1
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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Concept explainers
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.
Question
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
Coef
SE Coef
T-Value
F-Value
Constant
6,956
511
13.61
0.000
Mileage
-0.0846
0.0179
-4.73
0.000
Liter
3,797
125
30.38
0.000
Leather
1,021
314
3.25
0.001
Regression Equation
Price = 6,956 - 0.0846 Mileage + 3,797 Liter + 1,021 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
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.
O True
O 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 $ 1
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