Using 25 observations on each variable, a computer program generated the following multiple regression model: yhat=69.2+2.87x1+5.81x21.83x3 If the standard errors of the coefficients of the independent variables are, respectively, 1.34, 4.84, and 0.70, can you conclude that the independent variable x1 is needed in the regression model? Let β1, β2, and β3 denote the coefficients of the 3 variables in this model, and use a two-sided hypothesis test and significance level of 0.05 to determine your answer. Carry your intermediate computations to at least three decimal places and round your answers as specified in the table. The null hypothesis: H0: The alternative hypothesis: H1: The type of test statistic: (Choose one)ZtChi squareF The value of the test statistic: (Round to at least two decimal places.) The two critical values at the 0.05 level of significance: (Round to at least two decimal places.) and Can you conclude that the independent variable x1 is needed in the regression model? Yes No
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.
Using 25 observations on each variable, a computer program generated the following multiple regression model:
If the standard errors of the coefficients of the independent variables are, respectively,
Let β1, β2, and β3 denote the coefficients of the 3 variables in this model, and use a two-sided hypothesis test and significance level of 0.05 to determine your answer.
Carry your intermediate computations to at least three decimal places and round your answers as specified in the table.
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