Also, SSR( X 1| X 2 ) = 8343.3572 and SSR( X 2| X 1 ) = 4199.2672 ------a.. Refe
ID: 3222651 • Letter: A
Question
Also, SSR(X1|X2) = 8343.3572 and SSR(X2|X1) = 4199.2672
------a.. Referring to Scenario 13-6, the estimated value of the regression parameter 1 means that
holding the effect of the amount of insulation constant, an estimated expected $1 increase in heating costs is associated with a decrease in the daily minimum outside temperature by 2.76 degrees.
holding the effect of the amount of insulation constant, a 1 degree increase in the daily minimum outside temperature results in an estimated decrease in mean heating costs by $2.76.
holding the effect of the amount of insulation constant, a 1 degree increase in the daily minimum outside temperature results in a decrease in heating costs by $2.76.
holding the effect of the amount of insulation constant, a 1% increase in the daily minimum outside temperature results in an estimated decrease in mean heating costs by 2.76%.
------b. Referring to Scenario 13-6, the estimated value of the regression parameter 1 means that
holding the effect of the amount of insulation constant, an estimated expected $1 increase in heating costs is associated with a decrease in the daily minimum outside temperature by 2.76 degrees.
holding the effect of the amount of insulation constant, a 1 degree increase in the daily minimum outside temperature results in a decrease in heating costs by $2.76.
holding the effect of the amount of insulation constant, a 1% increase in the daily minimum outside temperature results in an estimated decrease in mean heating costs by 2.76%.
holding the effect of the amount of insulation constant, a 1 degree increase in the daily minimum outside temperature results in an estimated decrease in mean heating costs by $2.76.
holding the effect of the amount of insulation constant, an estimated expected $1 increase in heating costs is associated with a decrease in the daily minimum outside temperature by 2.76 degrees.
holding the effect of the amount of insulation constant, a 1 degree increase in the daily minimum outside temperature results in an estimated decrease in mean heating costs by $2.76.
holding the effect of the amount of insulation constant, a 1 degree increase in the daily minimum outside temperature results in a decrease in heating costs by $2.76.
holding the effect of the amount of insulation constant, a 1% increase in the daily minimum outside temperature results in an estimated decrease in mean heating costs by 2.76%.
------b. Referring to Scenario 13-6, the estimated value of the regression parameter 1 means that
holding the effect of the amount of insulation constant, an estimated expected $1 increase in heating costs is associated with a decrease in the daily minimum outside temperature by 2.76 degrees.
holding the effect of the amount of insulation constant, a 1 degree increase in the daily minimum outside temperature results in a decrease in heating costs by $2.76.
holding the effect of the amount of insulation constant, a 1% increase in the daily minimum outside temperature results in an estimated decrease in mean heating costs by 2.76%.
holding the effect of the amount of insulation constant, a 1 degree increase in the daily minimum outside temperature results in an estimated decrease in mean heating costs by $2.76.
Regression Statistics Multiple R 0.5270 R Square 0.2778 Adjusted R 0.1928 are Standard Error 40.9107 Observations 20 ANOVA df SS MS Significance F 0.0629 Regression 10943.0190 5471.5095 3.2691 Residual. 17 28452.6027 1673.6825 Total 19 39395.6218 t Stat P-value Lower 95% upper 95% Coefficients Standard Error 448.2925 90.7853 256.7522 639.8328 Intercept 4.9379 0.0001 0.1520 Temperature 2.7621 1.2371 2.2327 0.0393 5.3721 10.0638 15.9408 -37.1736 5.2919 Insulation 1.5840 0.1316Explanation / Answer
a.. Referring to Scenario 13-6, the estimated value of the regression parameter 1 means that
Answer
holding the effect of the amount of insulation constant, a 1 degree increase in the daily minimum outside temperature results in an estimated decrease in mean heating costs by $2.76.
Hint:
The estimated regression equation is given by,
Y = 448.2925 - 2.7621 * X1 - 15.9408 * X2
That is, Heating cost = 448.2925 - 2.7621 * Temperature - 15.9408 * Insultation
Hence for a unit increase in the temperature by 1 degree farenheat, the cost of heating is estimated to decrease by $2.7621, on average.
b. Referring to Scenario 13-6, the estimated value of the regression parameter 1 means that (same question as above)
Answer
holding the effect of the amount of insulation constant, a 1 degree increase in the daily minimum outside temperature results in an estimated decrease in mean heating costs by $2.76.
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