The following data was collected to explore how the number of square feet in a h

Question

The following data was collected to explore how the number of square feet in a house, the number of bedrooms, and the age of the house affect the selling price of the house. The dependent variable is the selling price of the house, the first independent variable (x1x1) is the square footage, the second independent variable (x2x2) is the number of bedrooms, and the third independent variable (x3x3) is the age of the house.

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Find the p-value for the regression equation that fits the given data. Round your answer to four decimal places

Effects on Selling Price of Houses Square Feet Number of Bedrooms Age Selling Price 29732973 55 1515 306000306000 27552755 55 1313 305500305500 26672667 44 1313 303900303900 26172617 44 1111 284500284500 23642364 44 99 276000276000 18881888 44 88 197000197000 16861686 33 77 188700188700 13651365 22 77 155700155700 10801080 22 22 131900131900

Explanation / Answer

The statistical software output for this problem is:

Multiple linear regression results:
Dependent Variable: Selling Price
Independent Variable(s): Square Feet, Number of Bedrooms, Age
Selling Price = 8935.9566 + 147.98815 Square Feet + -13021.826 Number of Bedrooms + -4373.3353 Age

Parameter estimates:

Analysis of variance table for multiple regression model:

Summary of fit:
Root MSE: 10800.763
R-squared: 0.9851
R-squared (adjusted): 0.9762

Hence,

p - Value = 0.0000

Parameter Estimate Std. Err. Alternative DF T-Stat P-value Intercept 8935.9566 15765.183 ? 0 5 0.56681592 0.5953 Square Feet 147.98815 26.451861 ? 0 5 5.5946214 0.0025 Number of Bedrooms -13021.826 9668.0179 ? 0 5 -1.3468971 0.2358 Age -4373.3353 3288.3124 ? 0 5 -1.3299635 0.241

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