Question
In: Statistics and Probability
The following data give the selling price, square footage, number of bedrooms, and age of houses...
The following data give the selling price, square footage, number of bedrooms, and age of houses that have sold in a neighborhood in the past 6 months. Develop three regression models to predict the selling price based upon each of the other factors individually. Which of these is best?
| Selling Price | Square Footage | Bedrooms | Age (Years) |
| 84000 | 1670 | 2 | 30 |
| 79000 | 1339 | 2 | 25 |
| 91500 | 1712 | 3 | 30 |
| 120000 | 1840 | 3 | 40 |
| 127500 | 2300 | 3 | 18 |
| 132500 | 2234 | 3 | 30 |
| 145000 | 2311 | 3 | 19 |
| 164000 | 2377 | 3 | 7 |
| 155000 | 2736 | 4 | 10 |
| 168000 | 2500 | 3 | 1 |
| 172500 | 2500 | 4 | 3 |
| 174000 | 2479 | 3 | 3 |
| 175000 | 2400 | 3 | 1 |
| 177500 | 3124 | 4 | 0 |
| 184000 | 2500 | 3 | 2 |
| 195500 | 4062 | 4 | 10 |
| 195000 | 2854 | 3 | 3 |
Solutions
Expert Solution
ANSWER::
(OR)
ANSWER:;
Model-1:
| SUMMARY OUTPUT- 1 : S.Price and Square Footage | |||||
| Regression Statistics | |||||
| Multiple R | 0.83664028 | ||||
| R Square | 0.699966957 | ||||
| Adjusted R Square | 0.679964754 | ||||
| Standard Error | 21360.30433 | ||||
| Observations | 17 | ||||
| ANOVA | |||||
| df | SS | MS | F | Significance F | |
| Regression | 1 | 1.6E+10 | 1.6E+10 | 34.99449 | 2.8346E-05 |
| Residual | 15 | 6.84E+09 | 4.56E+08 | ||
| Total | 16 | 2.28E+10 | |||
| Coefficients | Standard Error | t Stat | P-value | Lower 95% | |
| Intercept | 26532.23614 | 21408.36 | 1.23934 | 0.234261 | -19098.59279 |
| Square Footage | 51.02721153 | 8.625852 | 5.915614 | 2.83E-05 | 32.64164423 |
Model-2:
| SUMMARY OUTPUT- 2: S.Price and Bedroom | |||||
| Regression Statistics | |||||
| Multiple R | 0.658191861 | ||||
| R Square | 0.433216526 | ||||
| Adjusted R Square | 0.395430961 | ||||
| Standard Error | 29358.3391 | ||||
| Observations | 17 | ||||
| ANOVA | |||||
| df | SS | MS | F | Significance F | |
| Regression | 1 | 9881936525 | 9.88E+09 | 11.46513 | 0.004072954 |
| Residual | 15 | 12928681122 | 8.62E+08 | ||
| Total | 16 | 22810617647 | |||
| Coefficients | Standard Error | t Stat | P-value | Lower 95% | |
| Intercept | 20331.63265 | 38780.77643 | 0.524271 | 0.607751 | -62327.63526 |
| Bedrooms | 41403.06122 | 12227.64736 | 3.38602 | 0.004073 | 15340.44794 |
Model-3:
| SUMMARY OUTPUT 3: S.Price and Age | |||||
| Regression Statistics | |||||
| Multiple R | 0.838265 | ||||
| R Square | 0.702688 | ||||
| Adjusted R Square | 0.682867 | ||||
| Standard Error | 21263.22 | ||||
| Observations | 17 | ||||
| ANOVA | |||||
| df | SS | MS | F | Significance F | |
| Regression | 1 | 1.6E+10 | 1.6E+10 | 35.45208 | 2.64302E-05 |
| Residual | 15 | 6.78E+09 | 4.52E+08 | ||
| Total | 16 | 2.28E+10 | |||
| Coefficients | Standard Error | t Stat | P-value | Lower 95% | |
| Intercept | 182504.7 | 7581.975 | 24.07087 | 2.12E-13 | 166344.107 |
| Age | -2424.91 | 407.2635 | -5.95416 | 2.64E-05 | -3292.975195 |
From the above output of the regression models
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orchestra answered 2 years agoRelated Solutions
The following data give the selling price, square footage, number of bedrooms, and age of houses...
The following data give the selling price, square footage,
number of bedrooms, and age of houses that have sold in a
neighborhood in the past 6 months. Develop three regression models
to predict the selling price based upon each of the other factors
individually. Which of these is best? use 1 for yes and 0 for
no
develop a regression model to predict selling price based on the
square footage and number of bedrooms. Use this to predict the
selling...
The following data gives the selling price, square footage, number of bedrooms, and the age of...
The following data gives the selling price, square footage,
number of bedrooms, and the age of a house in years. These houses
have been sold in a specific neighborhood over the last six
months.
Selling Price ($)
Square Footage
Bedrooms
Age (years)
84,000
1,670
2
30
79,000
1,339
2
25
91,500
1,712
3
30
120,000
1,840
3
40
127,500
2,300
3
18
132,500
2,234
3
30
145,000
2,311
3
19
164,000
2,377
3
7
155,000
2,736
4
10
168,000
2,500...
2) The following data gives the selling price, square footage, number of bedrooms, and the age...
2) The following data gives the selling price, square footage,
number of bedrooms, and the age of a house in years. These houses
have been sold in a specific neighborhood over the last six
months.
Selling Price ($)
Square Footage
Bedrooms
Age (years)
84,000
1,670
2
30
79,000
1,339
2
25
91,500
1,712
3
30
120,000
1,840
3
40
127,500
2,300
3
18
132,500
2,234
3
30
145,000
2,311
3
19
164,000
2,377
3
7
155,000
2,736
4
10
168,000...
2) The following data gives the selling price, square footage, number of bedrooms, and the age...
2) The following data gives the selling price, square footage,
number of bedrooms, and the age of a house in years. These houses
have been sold in a specific neighborhood over the last six
months.
Selling Price ($)
Square Footage
Bedrooms
Age (years)
84,000
1,670
2
30
79,000
1,339
2
25
91,500
1,712
3
30
120,000
1,840
3
40
127,500
2,300
3
18
132,500
2,234
3
30
145,000
2,311
3
19
164,000
2,377
3
7
155,000
2,736
4
10
168,000...
The following data gives the selling price, square footage, number of bedrooms, and age (in years)...
The following data gives the selling
price, square footage, number of bedrooms, and age (in years) of
condominiums that were sold in a neighborhood in the Bronx in the
past six months
Selling Price
Square Footage
No. of Bedrooms
Age of Condo
64000
1670
2
30
59000
1339
2
25
61500
1712
3
30
79000
1840
3
40
87500
2300
3
18
92500
2234
3
30
95000
2311
3
19
113000
2377
3
7
115000
2736
4
10
138000...
(House Selling Price) The data below show the selling price, square footage, bedrooms, and age of...
(House Selling Price) The data below show the selling price,
square footage, bedrooms, and age of houses that have sold in a
neighborhood in the last six months. Selling price Square footage
Bedrooms Age 64,000 1,670 2 30 59,000 1,339 2 25 61,500 1,712 3 30
79,000 1,840 3 40 87,500 2,300 3 18 92,500 2,234 3 30 95,000 2,311
3 19 113,000 2,377 3 7 115,000 2,736 4 10 138,000 2,500 3 1 142,500
2,500 4 3 144,000 2,479...
The following data give the selling price and square footage of houses that have sold in...
The following data give the selling
price and square footage of houses that have sold in Bend, OR in
the past 6 months.
Selling Price
($)
Square Footage
84,000
1,670
79,000
1,339
91,500
1,712
120,000
1,840
127,500
2,300
132,500
2,234
145,000
2,311
164,000
2,377
155,000
2,736
168,000
2,500
172,500
2,500
174,000
2,479
175,000
2,400
177,500
3,124
184,000
2,500
195,500
4,062
195,000
2,854
Graph the data to see whether a linear equation might describe
the relationship between selling price and the...
Effects on Selling Price of Houses Square Feet Number of Bedrooms Age Selling Price 1125 2...
Effects on Selling Price of Houses
Square Feet
Number of Bedrooms
Age
Selling Price
1125
2
1
121500
1461
3
4
123600
1527
3
8
158100
1719
4
9
214800
1745
4
9
215500
2197
4
11
255000
2414
4
13
257200
28302830
4
14
262200
30153015
5
14
282400
Determine if a statistically significant linear relationship
exists between the independent and dependent variables at the 0.01
level of significance. If the relationship is statistically
significant, identify the multiple regression...
Selling Price Square Footage No. of Bedrooms Age of Condo 64000 1670 2 30 59000 1339...
Selling Price
Square Footage
No. of Bedrooms
Age of Condo
64000
1670
2
30
59000
1339
2
25
61500
1712
3
30
79000
1840
3
40
87500
2300
3
18
92500
2234
3
30
95000
2311
3
19
113000
2377
3
7
115000
2736
4
10
138000
2500
3
1
142500
2500
4
3
144000
2479
3
3
145000
2400
3
1
147500
3124
4
0
144000
2500
3
2
155500
4062
4
10
165000
2854
3
3
State the...
Selling Price (Y) Square Footage (X1 ) Bedrooms (X2 ) Age (X3 ) 84,000 1670 2...
Selling Price (Y)
Square Footage (X1 )
Bedrooms (X2 )
Age (X3 )
84,000
1670
2
30
79,000
1339
2
25
91,500
1712
3
30
120,000
1840
3
40
127,500
2300
3
18
132,500
2234
3
30
145,000
2311
3
19
164,000
2377
3
7
155,000
2736
4
10
168,000
2500
3
1
172,500
2500
4
3
174,000
2479
3
3
Determine a correlation matrix for
the above variables.
Indicate if any collinearity exists between or among the
independent variable....
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