Suppose you are working with the automobile data set and got the following print

Question

Suppose you are working with the automobile data set and got the following printout. How would you interpret the results? Best Subset Regression Models for Price Forced Independent Variables: (A)Mileage (B)Model (C)X1X:2 Unforced Independent Variables: (D)X1sq (E)X1sqX2 Adjusted AICc- P Cp RSquare Min AICc Resid SS F P(F) Model Variables 4 2.4 0.3177 764.14 1.728E+08 5 4.0 0.3091 766.26 1.712E+08 0.42 0.5194 ABCE 5 4.3 0.3047 766.58 1.723E+08 0.13 0.7162 ABCD 6 6.0 0.2937 768.95 1.711E+08 0.22 0.8047 ABCDE ABC Cases Included 50 Missing Cases 0 O There is insufficient evidence to indicate at least one term is useful for predicting price. There is insufficient evidence to indicate at least one quadratic term is useful for predicting price. O There is insufficient evidence to indicate at least one qualitative term is useful for predicting price. There is insufficient evidence to indicate at least one interaction term is useful for predicting price

Explanation / Answer

Given that the automobile data set and its output.

Dependent variable is price and we have given best subset regression model.

We can see that there are three F-values 0.42, 0.13 and 0.22 having p-values 0.5194, 0.7162 and 0.8047 respectively.

All the p-values > alpha(0.05)

Accept H0 or fail to reject H0 at 5% level of significance.

Conclude that there is insufficient evidence to indicate at least one term is useful for predicting price.

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