QUESTION 12 (House Selling Price) The data below show the selling price, square
ID: 3052724 • Letter: Q
Question
QUESTION 12
(House Selling Price) The data below show the selling price, square footage, bedrooms, and age of houses that have sold in a neighborhood in the last six months.
64,000
1,670
2
30
59,000
1,339
2
25
61,500
1,712
3
30
79,000
1,840
3
40
87,500
2,300
3
18
92,500
2,234
3
30
95,000
2,311
3
19
113,000
2,377
3
7
115,000
2,736
4
10
138,000
2,500
3
1
142,500
2,500
4
3
144,000
2,479
3
3
145,000
2,400
3
1
147,500
3,124
4
0
144,000
2,500
3
2
155,500
4,062
4
10
165,000
2,854
3
3
Develop seven regression models as below using the corresponding Excel data.
(Model 1) Y = selling price, X1 = square footage (House Selling Price Model 1 Data)
(Model 2) Y = selling price, X2 = bedrooms (House Selling Price Model 2 Data)
(Model 3) Y = selling price, X3 = age (House Selling Price Model 3 Data)
(Model 4) Y = selling price, X1 = square footage, X2 = bedrooms (House Selling Price Model 4 Data)
(Model 5) Y = selling price, X1 = square footage, X3 = age (House Selling Price Model 5 Data)
(Model 6) Y = selling price, X2 = bedrooms, X3 = age (House Selling Price Model 6 Data)
(Model 7) Y = selling price, X1 = square footage, X2 = bedrooms, X3 = age (House Selling Price Model 7 Data)
(House Selling Price) Models 1, 2, and 3 are simple regression models with one independent variable.
(a) The adjusted r2 value of model 1 is ___. [Answer format: two decimal places]
(b) The adjusted r2 value of model 2 is ___. [Answer format: two decimal places]
(c) The adjusted r2 value of model 3 is ___. [Answer format: two decimal places]
Write your answer(s) as 1.23, 4.56, 7.89
64,000
1,670
2
30
59,000
1,339
2
25
61,500
1,712
3
30
79,000
1,840
3
40
87,500
2,300
3
18
92,500
2,234
3
30
95,000
2,311
3
19
113,000
2,377
3
7
115,000
2,736
4
10
138,000
2,500
3
1
142,500
2,500
4
3
144,000
2,479
3
3
145,000
2,400
3
1
147,500
3,124
4
0
144,000
2,500
3
2
155,500
4,062
4
10
165,000
2,854
3
3
Explanation / Answer
(Model 1) Y = selling price, X1 = square footage (House Selling Price Model 1 Data)
Sol:
The regression equation is Y=2367.2605+46.6011X1
(Model 2) Y = selling price, X2 = bedrooms (House Selling Price Model 2 Data)
sol:
The regression equation is Y=1923.4693+36137.7551X2
(Model 3) Y = selling price, X3 = age (House Selling Price Model 3 Data)
sol:
The regression equation is Y=147670.8675-2424.1583 X3
(Model 4) Y = selling price, X1 = square footage, X2 = bedrooms (House Selling Price Model 4 Data)
sol:
The regression equation is Y=5701.4494+48.5054X1-2540.3865X2
(Model 5) Y = selling price, X1 = square footage, X3 = age (House Selling Price Model5 Data)
sol:
The regression equation is Y=79391.7524+24.3190X1-1712.2089X3
(Model 6) Y = selling price, X2 = bedrooms, X3 = age (House Selling Price Model 6 Data)
sol:
Y=98390.4266+14432.6897X2-2110.2146X3
(Model 7) Y = selling price, X1 = square footage, X2 = bedrooms, X3 = age (House Selling Price Model 7 Data)
sol:
The regression equation is Y=82185.6494+25.94076X1-2151.7417X2-1711.5374X3
(House Selling Price) Models 1, 2, and 3 are simple regression models with one independent variable.
(a) The adjusted r2 value of model 1 is 0.622
(b) The adjusted r2 value of model 2 is 0.322
(c) The adjusted r2 value of model 3 is 0.76
Selling price Square footage 64,000 1,670 59,000 1,339 61,500 1,712 79,000 1,840 87,500 2,300 92,500 2,234 95,000 2,311 113,000 2,377 115,000 2,736 138,000 2,500 142,500 2,500 144,000 2,479 145,000 2,400 147,500 3,124 144,000 2,500 155,500 4,062 165,000 2,854Related Questions
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