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Here is the summary output from a regression equation.  It is being used to attempt to predict th

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Here is the summary output from a regression equation.  It is being used to attempt to predict the value of an undeveloped lot (in thousands of dollars) on the basis of three independent variables.  Use this output to answer the questions below.

	A	B	C	D	E	F
1	SUMMARY OUTPUT
2
3	Regression Statistics
4	Multiple R	0.4924
5	R Square	0.2425
6	Adjusted R Square	0.2019
7	Standard Error	40.24
8	Observations	(1)
9
10	ANOVA
11		df	SS	MS	F	Significance F
12	Regression	3	29,030	(3)	5.97	0.0013
13	Residual	(2)	90,694	1,620
14	Total	59	(4)
15
16		Coefficients	Standard Error	t Stat	P-Value
17	Intercept	51.39	23.52	2.19	0.0331
18	Lot Size	0.070	0.559	1.25	0.2156
19	Trees	0.679	0.229	2.96	0.0045
20	Distance	-0.378	0.195	-1.94	0.0577

a. What are the values for the four blank spaces in the table (the four shaded areas numbered 1-4)?

b.  What is the Standard error of the estimate?  What is it an estimate of?

c.  Which of the independent variables are statistically significant (at the 5% level)?  How do you know?

d.    What is the regression equation?

e.  If there are 50 trees, the lot is 2 acres and it is .5 miles from the lake, what is the value of the property?

a:

 

Blank 1:

 

Total degree of freedom: 59

 

So total number of observations: 59+1 = 60

 

Blank 2:

 

Degree of freedom of residual:

 

df-residual = 59 -3 = 56

 

Blank 3:

 

MS-regression = SS-regression /...

 

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Oct 14, 2020

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