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 (x) is the square footage, the second independent variable ) is the number of bedrooms, and the third independent variable ) is the age of the house Effects on Selling Price of Houses Square Feet Number of Bedrooms Age Selling Price 2612 2780 1643 2651 2224 2511 2693 3048 2318 4 10 15 6 10 115800 257000 164900 138000 138600 308900 136200 114400 158900 13 13 4 4 4 Copy Data Step 1 of 2: Find the p-value for the regression equation that fits the given data. Round your answer to four decimal places

Explanation / Answer

The statistical software output for this problem is:

Multiple linear regression results:
Dependent Variable: y
Independent Variable(s): x1, x2, x3
y = 183014.77 + -87.666832 x1 + 35919.637 x2 + 6966.6298 x3

Parameter estimates:

Analysis of variance table for multiple regression model:

Summary of fit:
Root MSE: 59188.117
R-squared: 0.516
R-squared (adjusted): 0.2256

Hence,

p Value = 0.2677

Regression equation:

y = 183014.77 - 87.667 x1 + 35919.637 x2 + 6966.630 x3

Parameter Estimate Std. Err. Alternative DF T-Stat P-value Intercept 183014.77 139477.7 ? 0 5 1.3121436 0.2465 x1 -87.666832 76.941768 ? 0 5 -1.139392 0.3062 x2 35919.637 39509.23 ? 0 5 0.90914544 0.405 x3 6966.6298 8696.3754 ? 0 5 0.80109581 0.4594

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