MindTap-C e.com/static/nb/ui/index.html?nbld-5914688nb Search Cristina Conti 11:

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MindTap-C e.com/static/nb/ui/index.html?nbld-5914688nb Search Cristina Conti 11:59 PM EST Video The commercial division of a real estate firm is conducting a regression analysis of the relationship between x, annual gross rents (in thousands of dollars), and y, selling price (in thousands of dollars) for apartment buildings. Data were collected on several properties recently sold and the following computer output was The regression equation is Y- 20.0 +7.21 X Predictor Constant Coef SE 20.000 3.2213 6.21 7.210 1.3622 5.29 Coef T Analysis of Variance SOURCE Regression Residual Error Total DF 41,587.5 8 51,984.2 a. How many apartment buildings were in the sample? b. Write the estimated regression equation (to 2 decimals if necessary). c. What is the value of sb: (to 4 decimals)? 1.3622 d. Use the F statistic to test the significance of the relationship at a.05 level of significance. Compute the Ftest statistic (to 2 decimals) What is the p-value? Use Table 1 of Appendix B. o-value is less than-01

Explanation / Answer

d)

F-stat = 28.00

Regression line, y = 20 + 7.21x

for x = 60000, y = 20 + 7.21*60000 = 432620

Hence $432.6 thousands

Source DF SS MSE = SS/DF F = MSEregression/MSEerror Regression 1 41587.5 41587.5 28.0004713 Residual error 7 10396.7 1485.242857 8 51984.2

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