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Tutorial revision Question 1 A real estate agent wishes to determine the selling price of residences using the size (square feet) and types of residence (condo=1; single-family home=0) i. Test to determine whether the overall model is statistically significant at 5%. (Significant) ii. Which, if any, of the independent variables is statistically significant? (both significant) iii. Write a multiple regression equation relating the dependent variable to the independent variables. (price of residences= 76527.59 - 37076.51 (type) + 82.66 (square feet)) iv. Interpret the values of coefficients in this estimated equation. Question 2 A. A survey by KRC Research for U.S. News reported that 37% of people plan on spending more on eating out after they retire. If 8 people are randomly selected, determine the following probabilities. i. Exactly 5 people plan on spending more on eating out after they retire. (0.0971) ii. At least 1 person plan on spending more on eating out after they retire. (0.9752) iii. At most 7 people plan on spending more on eating out after they retire. (0.00514) iv. Find the mean and the standard deviation. (2.96, 1.3656) Regression Statistics Multiple R 0.9990257 R Square 0.99805236 Adjusted R Square 0.99415707 Standard Error 1091.81298 Observations 4 ANOVA df SS MS F Significance F Regression 2 610857944.4 3.05E+08 256.2204 0.044132121 Residual 1 1192055.584 1192056 Total 3 612050000 Coefficients Standard Error t Stat P-value
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Christopher Reinemann
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