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 (x1x1) is the square footage, the second independent variable (x2x2) is the number of bedrooms, and the third independent variable (x3x3) is the age of the house.

Square Feet   Number of Bedrooms   Age   Selling Price
2750 5 14 296600
2696 5 11 294400
2523 4 7 281400
2057    4 7 240600
1797 4 5 208600

Step 1 of 2 :  Find the p-value for the regression equation that fits the given data. Round your answer to four decimal places.

Answer 1

we have given the data

square feet	number of bedrooms	Age	Selling price
2750	5	14	296600
2696	5	11	294400
2523	4	7	281400
2057	4	4	240600
1797	4	5	208600

where the dependent variable is the selling price of the house, the first independent variable (x1) is the square footage, the second independent variable (x2) is the number of bedrooms, and the third independent variable (x3 is the age of the house

using excel>data>data analysis>regression

we have

SUMMARY OUTPUT
Regression Statistics
Multiple R	0.999398
R Square	0.998797
Adjusted R Square	0.995186
Standard Error	2666.01
Observations	5
ANOVA
	df	SS	MS	F	Significance F
Regression	3	5.9E+09	1.97E+09	276.6416	0.044161
Residual	1	7107609	7107609
Total	4	5.91E+09
	Coefficients	Standard Error	t Stat	P-value	Lower 95%	Upper 95%
Intercept	19704.43	26916.25	0.732064	0.597705	-322299	361707.8
square feet	104.951	6.376898	16.458	0.038634	23.92482	185.9772
number of bedrooms	2677.91	6823.137	0.392475	0.761903	-84018.3	89374.09
Age	-1870.04	1098.609	-1.70219	0.338148	-15829.2	12089.1

the p-value for the regression equation that fits the given data is 0.0442