#7 Use forward regression analysis to obtain a model in which the predictor vari

Question

#7 Use forward regression analysis to obtain a model in which the predictor variables contribute to the prediction of AskPrice. Use a 10% significance level. (Use data on subsequent pages) Variable Description: AskPrice: Asking price of a used Camaro Age: Car's age in years Mileage: Car's mileage in thousands of miles ConditionAverage: Dummy variable equal to 1 for average condition and 0 if not ConditionPoor: Dummy variable equal to 1 if poor condition and O if not aler_Indiv: Dummy variable equal to 1 if dealer sold car and O if seller is an individuall

Explanation / Answer

Decision rule : If p value < 0.1, then predictor variable is significant relation with dependent variable

(Based on the first page output)

Variable P value Decision Age 0.00000000016 < 0.1 significant mileage 0.000000000626 < 0.1 significant Condition average 0.6817 > 0.1 Not significant Condition poor 0.00147 < 0.1 Significant Dealer_ ind 0.000055927 < 0.1 Significant

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