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3110 BUSA Fall 2005 10 point in-class Name: KEY This assignment is closed book and closed neighbor; you may use one page of handwritten notes to assist you with the assignment. For each problem determine which of the two models is best. Use = .06 for all comparisons. The Excel output on the following page should be used to make the comparisons requested. All answers must be supported by numbers from the output or from numbers derived from the output. If you need a p value that you would typically use the fdist function to obtain, write the Excel command and raise your hand I will come to you and provide you with the result that you would obtain from Excel. Be sure to clearly identify which of the two models is best. Consider the following models: Model 1: PRICE = 0 + 1Area + Model 2: PRICE = 0 + 1Area + 2Brick + 3Wood + Model 3: PRICE = 0 + 1Area + 2Brick + 3Wood + 2BrickArea 3WoodArea + + Model 4: PRICE = 0 + 1Area + 2Taxes + Model 5: PRICE = 0 + 1Area + 2Taxes + 3Bath + Model 6: PRICE = 0 + 1Area + 2Bath + Model 7: PRICE = 0 + 1Taxes + Model 8: PRICE = 0 + 1Bath + 1. Compare Model 1 and Model 6. The p value associated with Baths = .09127; since this is larger than .06, select model 1. 2. Compare Model 1 and Model 8. Adj. R2 (Model 1) = .8937 Adj. R2 (Model 8) = .6274 3. Compare Model 2 and Model 3. Calculating F = Model 1 is better. (12873.64487 9248.152606) / 2 = 3.5282 513.786256 Looking up =FDIST (3.5282, 2, 18) provides a p value of .051; since this is less than .06, Model 3 is better. 4. Compare Model 3 and Model 5. Adj. R2 (Model 3) = .9081 Adj. R2 (Model 5) = .8993 5. Compare Model 4 to Model 7. The p value associated with Area = .2.97E-08; since this is smaller than .06, select model 4. Model 3 is better.

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