hw10_solution - Homework#10 17.1 Define y = Price of the...

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Homework#10 17.1 Define : y = Price of the lot x1 = lot size x2 = number of mature trees x3 = distance to the lake (a) yˆ = 51.39 + .700x1 + .679x2 − .378x3 (b) The standard error of estimate is sε = 40.24. It is an estimate of the standard deviation of the error variable. (c) The coefficient of determination is R2 = .2425; 24.25% of the variation in prices is explained by the model. (d )The coefficient of determination adjusted for degrees of freedom is .2019. It differs from R2 because it includes an adjustment for the number of independent variables. (e ) H0 : β1 = β2 = β3 = 0 H1 :At least one β i is not equal to zero F = 5.97, p-value = .0013. There is enough evidence to conclude that the model is valid.
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(f) b1 = .700; for each addition thousand square feet the price on average increases by .700 thousand dollars provided that the other variables remain constant. b2 = .679; for each addition tree the price on average increases by .679 thousand dollars provided that the other variables remain constant. b3 = –.378; for each addition foot from the lake the price on average decreases by .378 thousand dollars provided that the other variables remain constant. (g) H0 : βi = 0 H1 : βi ≠ 0 Lot size: t = 1.25, p-value = .2156 Trees: t = 2.96, p-value = .0045 Distance: t = –1.94, p-value = .0577 Only for the number of trees is there enough evidence to infer a linear relationship with price. (h) We predict that the lot in question will sell for between $35,500 and $172,240
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(i) Estimated average price lies between $39,290 and $90,300. Outliers Lot size Trees Distance Price 標準化殘差 21.3 72 43 183.3 2.227621 57.7 52 12 207.5 2.238522 Influential observations: No influential observations.(no hii > 0.2) Residual Analysis:
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hw10_solution - Homework#10 17.1 Define y = Price of the...

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