Question
In: Statistics and Probability
Suppose a certain retailer sells several models of refrigerators. A random sample of the models sold...
Suppose a certain retailer sells several models of refrigerators. A random sample of the models sold by this retailer and their corresponding cubic feet (cu. ft.) and list price can be found below.
| Model | Cu. Ft. | List Price |
|---|---|---|
| Model 1 | 18.3 | $899.99 |
| Model 2 | 24.8 | $1,699.99 |
|
Model 3 with Thru-the-Door Ice and Water |
25.4 | $1,699.99 |
| Model 4 | 19.3 | $749.99 |
| Model 5 | 17.7 | $599.99 |
|
Model 6 with Thru-the-Door Ice and Water |
19.6 | $1,619.99 |
| Model 7 | 25.0 | $999.99 |
| Model 8 | 24.5 | $1,299.99 |
|
Model 9 with Thru-the-Door Ice and Water |
25.4 | $1,299.99 |
|
Model 10 with Thru-the-Door Ice and Water |
26.0 | $1,299.99 |
|
Model 11 with Thru-the-Door Ice and Water |
25.6 | $1,099.99 |
| Model 12 | 18.0 | $679.99 |
|
Model 13 with Thru-the-Door Ice and Water |
25.0 | $2,199.99 |
| Model 14 | 20.2 | $849.99 |
| Model 15 | 15.5 | $549.99 |
|
Model 16 with Thru-the-Door Ice and Water |
28.2 | $2,599.99 |
| Model 17 | 27.8 | $2,999.99 |
|
Model 18 with Thru-the-Door Ice and Water |
23.6 | $2,399.99 |
|
Model 19 with Thru-the-Door Ice and Water |
22.6 | $1,099.99 |
|
Model 20 with Thru-the-Door Ice and Water |
21.8 | $1,499.99 |
| Model 21 | 20.9 | $1,679.99 |
Develop a dummy variable that will account for whether the refrigerator has the thru-the-door ice and water feature. Code the dummy variable with a value of 1 if the refrigerator has the thru-the-door ice and water feature and with 0 otherwise. Use this dummy variable to develop the estimated multiple regression equation to show how list price is related to cubic feet and the thru-the-door ice and water feature. (Round your numerical values to four decimal places. Let
x1
represent the cubic feet,
x2
represent whether the refrigerator has the thru-the-door ice and water feature, and y represent the list price.)
ŷ = −1502.2607+127.3050x1+88.1933x2
test stat=3.6
find the pvalue?
p.s.: it is not.7259
Solutions
Expert Solution
| y | x1 | x2 |
| 899.99 | 18.3 | 0 |
| 1699.99 | 24.8 | 0 |
| 1699.99 | 25.4 | 1 |
| 749.99 | 19.3 | 0 |
| 599.99 | 17.7 | 0 |
| 1619.99 | 19.6 | 1 |
| 999.99 | 25 | 0 |
| 1299.99 | 24.5 | 0 |
| 1299.99 | 25.4 | 1 |
| 1299.99 | 26 | 1 |
| 1099.99 | 25.6 | 1 |
| 679.99 | 18 | 0 |
| 2199.99 | 25 | 1 |
| 849.99 | 20.2 | 0 |
| 549.99 | 15.5 | 0 |
| 2599.99 | 28.2 | 1 |
| 2999.99 | 27.8 | 0 |
| 2399.99 | 23.6 | 1 |
| 1099.99 | 22.6 | 1 |
| 1499.99 | 21.8 | 1 |
| 1679.99 | 20.9 | 0 |
| Coefficients | Standard Error | t Stat | P-value | Lower 95% | Upper 95% | Lower 95.0% | Upper 95.0% | |
| Intercept | -1502.26 | 758.0354 | -1.98178 | 0.062986 | -3094.83 | 90.31256 | -3094.83 | 90.31256 |
| x1 | 127.305 | 35.21397 | 3.615184 | 0.001979 | 53.32317 | 201.2868 | 53.32317 | 201.2868 |
| x2 | 88.19335 | 247.5406 | 0.356278 | 0.725774 | -431.87 | 608.2568 | -431.87 | 608.2568 |
| ANOVA | |||||
| df | SS | MS | F | Significance F | |
| Regression | 2 | 4615503 | 2307752 | 9.112759 | 0.00184638 |
| Residual | 18 | 4558392 | 253244 | ||
| Total | 20 | 9173895 |
t stats = 9.11
p value = 0.00184
THANKS
revert back for doubt
please upvote
orchestra answered 1 year agoRelated Solutions
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