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Asked Nov 2, 2019
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How to provide statistical interpretation of the coefficient, standard error, t-stat and p value of a variable.

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Expert Answer

Step 1

Regression Coefficient:

The regression coefficient ​corresponding to a given explanatory variable can be interpreted as ​the amount of change in the response variable for unit increase in ​the explanatory variable​, when all the other explanatory variables are remaining constant.

Step 2

Standard Error:

The standard error of an explanatory variable can be interpreted as the average distance between the observed values and the regression line.

Step 3

t-statistic:

The t-statistic of an explanatory variable can be interpreted as the ratio of...

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