In Hawaii, condemnation proceedings are under way to enable private citizens to
ID: 3055871 • Letter: I
Question
In Hawaii, condemnation proceedings are under way to enable private citizens to own the property that their homes are built on. Until recently, only estates were permitted to own land, and homeowners leased the land from the estate. In order to comply with the new law, a large Hawaiian estate wants to use regression analysis to estimate the fair market value of the land. The following model was fit to data collected for n = 20 properties, 10 of which are located near a cove.
where Y = Sale price of property in thousands of dollars
X1 = Size of property in thousands of square feet
X2 = 1 if property located near cove, 0 if not
Using the data collected for the 20 properties, the following partial output obtained from Microsoft Excel is shown:
SUMMARY OUTPUT
Regression Statistics
Multiple R 0.92
R Square 0.8464
Standard Error 9.5
Observations 20
ANOVA
df SS MS F Signif F
Regression 5 28324 5664 62.2 0.0001
Residual 14 1279 91
Total 19 29063
Coeff StdError t Stat P-value
Intercept - 32.1 35.7 – 0.90 0.3834
Size 12.2 5.9 2.05 0.0594
Cove – 104.3 53.5 – 1.95 0.0715
Size*Cove 17.0 8.5 1.99 0.0661
SizeSq – 0.3 0.2 – 1.28 0.2204
SizeSq*Cove – 0.3 0.3 – 1.13 0.2749
What is the percent of variation explained on the dependent variable by using this model?
Question 16 options:
9.5
.92
.622
..8464
9.5
.92
.622
..8464
Explanation / Answer
here as coefficient of determiantion R2 =0.8464
tehrefore percent of variation explained on the dependent variable by using this model =0.8464
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