Question

In: Statistics and Probability

Evaluate your model using all factors outlined in the text. Assumptions, conditions, fit, outliers, etc. Then...

Evaluate your model using all factors outlined in the text. Assumptions, conditions, fit, outliers, etc.

Then explain your answer in words. Create a linear regression model that has 2 or 3 independent variables. Your choice of models…your choice of variables.

A1 Tim is a wedding planner. Looking at the data he has accessed, he is trying to simplify a model for how much a wedding will cost. Use the data to create a model with 2 or 3 Independent Variables, to predict Wedding Cost (dependent variable.) Evaluate your model using all factors outlined in the text.

Couple's Income Bride's age Payor Wedding cost Attendance Value Rating var7
130000 22 Bride's Parents 60700 300 3
157000 23 Bride's Parents 52000 350 1
98000 27 Bride & Groom 47000 150 3
72000 29 Bride & Groom 42000 200 5
86000 25 Bride's Parents 34000 250 3
90000 28 Bride & Groom 30500 150 3
43000 19 Bride & Groom 30000 250 3
100000 30 Bride & Groom 30000 300 3
65000 24 Bride's Parents 28000 250 3
78000 35 Bride & Groom 26000 200 5
73000 25 Bride's Parents 25000 150 5
75000 27 Bride & Groom 24000 200 5
64000 25 Bride's Parents 24000 200 1
67000 27 Groom's Parents 22000 200 5
75000 25 Bride's Parents 20000 200 5
67000 30 Bride's Parents 20000 200 5
62000 21 Groom's Parents 20000 100 1
75000 19 Bride's Parents 19000 150 3
52000 23 Bride's Parents 19000 200 1
64000 22 Bride's Parents 18000 150 1
55000 28 Bride's Parents 16000 100 5
53000 31 Bride & Groom 14000 100 1
62000 24 Bride's Parents 13000 150 1
40000 26 Bride's Parents 7000 50 3
45000 32 Bride & Groom 5000 50 5

Solutions

Expert Solution

The regression has five key assumptions:

  • Linear relationship
  • Multivariate normality
  • No or little multicollinearity
  • No auto-correlation
  • Homoscedasticity

The assumptions are met.

The regression output is:

R² 0.734
Adjusted R² 0.710
R   0.857
Std. Error   7126.932
n   25
k   2
Dep. Var. Wedding cost
ANOVA table
Source SS   df   MS F p-value
Regression 3,08,93,12,887.3528 2   1,54,46,56,443.6764 30.41 4.65E-07
Residual 1,11,74,49,512.6472 22   5,07,93,159.6658
Total 4,20,67,62,400.0000 24  
Regression output confidence interval
variables coefficients std. error    t (df=22) p-value 95% lower
Intercept -7,002.4471
Attendance 53.0309 27.2962 1.943 .0649 -3.5779
Couple's Income 0.3124 0.0774 4.036 .0006 0.1519

The regression model is:

Wedding cost = -7,002.4471 + 53.0309*Attendance + 0.3124*Couple's Income

orchestra answered 2 years ago
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