Question

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 (x1) is the square footage, the second independent variable (x2) is the number of bedrooms, and the third independent variable (x3) is the age of the house.

Effects on Selling Price of Houses

Square Feet	Number of Bedrooms	Age	Selling Price
2943	5	14	308900
2423	4	14	305300
2379	4	14	283000
2260	4	13	228700
1618	4	12	147900
1405	3	9	114700
1332	2	6	108700
1194	2	4	108200
1120	2	3	105800

Find the p-value for the regression equation that fits the given data. Round your answer to four decimal places.

Answer 1

We can perform the regression analysis using excel function Regression.

Go to Data menu --- > data analysis --- > Regression.

Then plug the inputs as shown below.

For Y input select the column entries for column Y ( with heading )

For x input select the column entries for columns x1,x2,x3 ( with headings )

Check the box for Labels ( If you have not selected column headings then don’t check)

Click on Ok.

The analysis output will be appeared as follows.

The p-value for the regression equation that fits the given data is 0.0007