Refrigerator prices are affected by characteristics such as whether or not the refrigerator is on sale, whether or not it is listed as a Sub- Zero brand, the number of doors (one door or two doors). and the placement of the freezer compartment (top, side, or bottom). The table below shows the regression output from a regression model using the natural log of price as the dependent variable. The model was developed by the Bureau of Labor Statistics. t Statistic Vartable Intercept Sale price Coefficient 5.2700 Standard Error e.12679 41.56 -0.0741 e.0239 -3.10 Sub-Zero brand 1.2056 e.1387 8.69 Total capacity (in cubic ft) Two-door, freezer on bottom Two-door, side freezer Two-door, freezer on top One door with freezer One door, no freezer e.07588 e.00626 e.07222 12.12 e.e5354 0.74 Base -е. зез1 e.03846 -7.88 -e.7693 e.1337 -5.75 -0.8381 e.1529 -5.48 (0) Write the regression model, being careful to exclude the base indicator variable. (Negative amounts should be Indicated by a minus sign. Round your answers to 4 decimal places.) InPrice)= |SalePrice |Sub-Zero+ Capacity 2DoorFzBot + | 200oorFzTop+ | 1DoorFz+ 1DoorNoFz (b) Find the pvalue for each coefficient, using 302 degrees of freedom. Using an a= .01, which predictor variable(s) are not significant predictors? (Leave no cells blank - be certaln to enter "0" wherever required. Round your answers to 4 decimal places.) p-value SalePrice Sub-Zero Capacity 20oorfz8ot 20oorfzTop 1Doorfz 1DoorNofz (c) By how much does the natural log of refrigerator price decrease from a two-door, side freezer model to a two-door, top freezer mode? (Round your answer to 4 decimal places.) The natural log of the price decreases by

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)

6th Edition

ISBN:9781337111348

Author:Bruce Crauder, Benny Evans, Alan Noell

Publisher:Bruce Crauder, Benny Evans, Alan Noell

Chapter5: A Survey Of Other Common Functions

Section5.3: Modeling Data With Power Functions

Problem 3TU

See similar textbooks

Related questions

Question

solve a,b,c and d given in the image provided.

Transcribed Image Text:Refrigerator prices are affected by characteristics such as whether or not the refrigerator is on sale, whether or not it is listed as a Sub- Zero brand, the number of doors (one door or two doors). and the placement of the freezer compartment (top, side, or bottom). The table below shows the regression output from a regression model using the natural log of price as the dependent variable. The model was developed by the Bureau of Labor Statistics. Coefficient 5.2700 t Statistic Variable Standard Error Intercept Sale price Sub-Zero brand Total capacity (in cubic ft) Two-door, freezer on bottom Two-door, side freezer Two-door, freezer on top One door with freezer One door, no freezer e.12679 41.56 e.0239 0.1387 -0.0741 -3.10 8.69 12.12 8.74 1.2056 8.07588 8.00626 0.07222 8.05354 Base -0.3031 0.03846 -7.88 -0.7693 e.1337 -5.75 -0.8381 e.1529 -5.48 (a) Write the regression model, being careful to exclude the base indicator variable. (Negative amounts should be Indicated by a mlnus sign. Round your answers to 4 decimal places.) In(Price) = | SalePrice | Capacity+ 2DoorfzBot + 2DoorFzTop + Sub-Zero + IDoorFz+ IDoorNoFz (b) Find the p-value for each coefficient, using 302 degrees of freedom. Using an a = .01. which predictor variable(s) are not significant predictors? (Leave no cells blank - be certaln to enter "0" wherever requlred. Round your answers to 4 declmal places.) p-value SalePrice Sub-Zero Capacity 2DoorFzBot 2DoorfzTop 1Doorfz 1DoorNoFz (c) By how much does the natural log of refrigerator price decrease from a two-door, side freezer model to a two-door, top freezer modier? (Round your answer to 4 declmal places.) The natural log of the price decreases by (d) Which modei demands a higher price: the side freezer or the one door with freezer model? The side freezer O The one door

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Reflections$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.

Similar questions