Question
In: Statistics and Probability
Are any variables not useful predictors of home price at a significance level of α =...
- Are any variables not useful predictors of home price at a significance level of α = 0.05? State the P-values of these variables. Intuitively, what does this mean with respect to pricing properties? (Show your results) (8 Points)
| df | SS | MS | F | Significance F | ||||
| Regression | 8 | 4.6E+12 | 5.75E+11 | 65.04884 | 7.3335E-50 | |||
| Residual | 186 | 1.64E+12 | 8.84E+09 | |||||
| Total | 194 | 6.25E+12 | ||||||
| Coefficients | Standard Error | t Stat | P-value | Lower 95% | Upper 95% | Lower 95.0% | Upper 95.0% | |
| Intercept | 184455.9 | 44755.82 | 4.121383 | 5.67E-05 | 96161.5757 | 272750.1 | 96161.58 | 272750.1 |
| Bedrooms | -42156.8 | 14102.62 | -2.98929 | 0.003174 | -69978.485 | -14335.2 | -69978.5 | -14335.2 |
| Baths | 48275.15 | 14519.24 | 3.324909 | 0.001065 | 19631.589 | 76918.71 | 19631.59 | 76918.71 |
| Stories | -46864.8 | 16399.42 | -2.85771 | 0.004753 | -79217.601 | -14512.1 | -79217.6 | -14512.1 |
| Square Footage | 172.5225 | 15.1501 | 11.38755 | 3.91E-23 | 142.634415 | 202.4106 | 142.6344 | 202.4106 |
| Age | -3646.92 | 1039.317 | -3.50895 | 0.000564 | -5697.2796 | -1596.55 | -5697.28 | -1596.55 |
| Fenced Yard | -6501.07 | 18095.55 | -0.35926 | 0.719806 | -42199.968 | 29197.83 | -42200 | 29197.83 |
| Golf Course? | 48143.84 | 16068 | 2.996256 | 0.003106 | 16444.8926 | 79842.8 | 16444.89 | 79842.8 |
| Number of Fireplaces | 34327.63 | 18036.59 | 1.903222 | 0.058556 | -1254.9598 | 69910.23 | -1254.96 | 69910.23 |
Solutions
Expert Solution
Regression eq is
home price=184455.9-42156.8*Bedrooms+48275.15*Baths-46864.8*stories+172.5225*square footage-3646.92*age-6501.07*Fenced yard+48143.84*golf course+34327.63*Number of fireplaces
if p>0.05 such variables are not useful predictors
For Fenced Yard ,p=0.719806,p>0.05
Fenced Yard is not a significant variable in predicting home price.
For Number of Fireplaces,p=0.058556,p>0.05
Number of Fireplaces is not a significant variable in predicting home price.
But from Global F test
F=65.04884,p=0.0000
p<0.05
Reject Ho
Accept Ha
Atleast one the coeffcients of predictors is different from zero
overall regression model is significant
we can use this model to predict home price
orchestra answered 2 years agoRelated Solutions
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Units sold (y)
34
4
36
4
32
6
35
5
31
9
38
2
39
1
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of
successes to find the P-value for the hypothesis test, and make
a conclusion addressed to the claim.
n1=100 n2=100
x1 = 38 x2 = 40
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