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Bluereef real estate agent wants to form a relationship between the prices of houses, how many bedrooms, House size in sq ft and Lot Size in sq ft. The data pertaining to 100 houses were processed using MINITAB and the following is an extract of the output obtained:

Bluereef real estate agent wants to form a relationship between the prices of houses, how many bedrooms, House size in sq ft and Lot Size in sq ft. The data pertaining to 100 houses were processed using MINITAB and the following is an extract of the output obtained:

College Algebra
College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter4: Linear Functions
Section: Chapter Questions
Problem 30PT: For the following exercises, use Table 4 which shows the percent of unemployed persons 25 years or...
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Bluereef real estate agent wants to form a relationship between the prices of houses, how many bedrooms, House size in sq ft and Lot Size in sq ft. The data pertaining to 100 houses were processed using MINITAB and the following is an extract of the output obtained: The regression equation is Price = ß + ØBedroom + yHouse Size + ALot Size Predictor Coef SE Coef Constant 37718 14177 2.66 ** Bedrooms 2306 6994 0.33 0.742 74.3 52.98 0.164 -0.26 0.798 House Size Lot Size -4.36 17.02 S= 25023 R-Sq=56.0% R-Sq (adj)=54.6% Source DF MS F Regression Residual 3 76501718347 25500572782 *** **** 96 Error 60109046053 626135896 Total 99 a) Write out the regression equation. b) Fill in the missing values *, * and c) Use the p-value approach to determine if o is significant at the 5% significance level d) Is y significantly different from -0.5? e) Perform the F test at the 1% level, making sure to state the null and altemative hypotheses. f) Give an interpretation to the term “R-sq" and comment on its value.
Transcribed Image Text:Bluereef real estate agent wants to form a relationship between the prices of houses, how many bedrooms, House size in sq ft and Lot Size in sq ft. The data pertaining to 100 houses were processed using MINITAB and the following is an extract of the output obtained: The regression equation is Price = ß + ØBedroom + yHouse Size + ALot Size Predictor Coef SE Coef Constant 37718 14177 2.66 ** Bedrooms 2306 6994 0.33 0.742 74.3 52.98 0.164 -0.26 0.798 House Size Lot Size -4.36 17.02 S= 25023 R-Sq=56.0% R-Sq (adj)=54.6% Source DF MS F Regression Residual 3 76501718347 25500572782 *** **** 96 Error 60109046053 626135896 Total 99 a) Write out the regression equation. b) Fill in the missing values *, * and c) Use the p-value approach to determine if o is significant at the 5% significance level d) Is y significantly different from -0.5? e) Perform the F test at the 1% level, making sure to state the null and altemative hypotheses. f) Give an interpretation to the term “R-sq" and comment on its value.
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