Refrigerator prices are affected by characteristics such as whether or not the refrigerator is on sale,...

Refrigerator prices are affected by characteristics such as whether or not the refrigerator is on sale, whether or not it is listed as a Sub-Zero brand, the number of doors (one door or two doors), and the placement of the freezer compartment (top, side, or bottom). The table below shows the regression output from a regression model using the natural log of price as the dependent variable. The model was developed by the Bureau of Labor Statistics.

Variable	Coefficient		Standard Error	t Statistic
Intercept		5.7200	0.12131		47.15
Sale price		−0.0751	0.0259		−2.90
Sub-Zero brand		1.0212	0.1446		7.06
Total capacity (in cubic ft)		0.06128	0.00617		9.94
Two-door, freezer on bottom		0.04045	0.07418		0.55
Two-door, side freezer		Base
Two-door, freezer on top		−0.4420	0.03712		−11.91
One door with freezer		−0.7585	0.1314		−5.77
One door, no freezer		−0.8598	0.1347		−6.38

(b) Find the p-value for each coefficient, using 310 degrees of freedom. Using an α = .01, which predictor variable(s) are not significant predictors? (Leave no cells blank - be certain to enter "0" wherever required. Round your answers to 4 decimal places.)

	p-value
SalePrice	Not attempted
Sub-Zero	Not attempted
Capacity	Not attempted
2DoorFzBot	Not attempted
2DoorFzTop	Not attempted
1DoorFz	Not attempted
1DoorNoFz	Not attempted

(c) By how much does the natural log of refrigerator price decrease from a two-door, side freezer model to a two-door, top freezer model? (Round your answer to 4 decimal places.)

The natural log of the price decreases by ?

Expert Solution

orchestra answered 1 year ago

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