Question

In: Statistics and Probability

The following data was collected to explore how the number of square feet in a house,...

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.

Effects on Selling Price of Houses
Square Feet Number of Bedrooms Age Selling Price
28952895 55 1515 238300238300
25932593 55 1212 220500220500
23572357 33 88 205900205900
19711971 33 77 193200193200
18231823 33 66 183400183400
17121712 33 55 166900166900
16561656 22 44 159300159300
15441544 22 22 129600129600
10901090 22 11 101600101600

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.

What do you need to put in Input x and Input y range cells? I am stuck here

Solutions

Expert Solution

y = Selling price

x = Square Feet , Number of Bedrooms , Age

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Intercept -10148021318.523 20974633096.368 -0.484 0.649 -64065032165.183 43768989528.138 -64065032165.183 43768989528.138
Square Feet 7511.512 1401.690 5.359 0.003 3908.353 11114.670 3908.353 11114.670
Number of Bedrooms 1570355387.552 911722020.911 1.722 0.146 -773300678.551 3914011453.655 -773300678.551 3914011453.655
Age -38470536.621 15424874.130 -2.494 0.055 -78121437.876 1180364.633 -78121437.876 1180364.633
ANOVA
df SS MS F Significance F
Regression 3 14657438840317300000000.00 4885812946772450000000.00 51.46 0.0004
Residual 5 474751424017788000000.00 94950284803557500000.00
Total 8 15132190264335100000000.00

As u can see above in bold

p value for model = 0.0004

THANKS

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