Homework Help is Here – Start Your Trial Now!
Math
Statistics
V Empirical 5. Following is the regression output for a data from a random sample of house prices and the attributes that drive the prices. In the model below, price is the house price in $1000s, sqrft is size of house in square feet, and bdrms is number of bedrooms Dependent Variable: PRICE Method: Least Squares Variable C SQRFT BDRMS R-squared Adjusted R-squared Coefficient -19.315 31.04662 0.128436 0.013824 15.19819 9.483517 0.631918 0.623258 63.04484 337845.4 -487.999 72.96353 S.E. of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0 (a) Write estimated regression equation model. Sample: 188 Included observations: 88 Std. Error Mean dependent var S.D. dependent var Akaike info criterion Schwarz criterion (d) What does 0.631918 mean here? Hannan-Quinn criter. Durbin-Watson stat (c) Does having an additional bedroom significantly impact house prices? t-Statistic Prob. -0.62213 0.5355 9.290506 0.000 1.60259 0.1127 (b) What is the estimated increase in price for a house in $ with one more bedroom, holding everything else constant? 293.546 102.7134 11.15907 11.24352 11.19309 1.858074 (e) The first house in the sample has sqrft of 2,438 and bdrms 5. Find the predicted selling price for this house from the OLS regression line.

V Empirical 5. Following is the regression output for a data from a random sample of house prices and the attributes that drive the prices. In the model below, price is the house price in $1000s, sqrft is size of house in square feet, and bdrms is number of bedrooms Dependent Variable: PRICE Method: Least Squares Variable C SQRFT BDRMS R-squared Adjusted R-squared Coefficient -19.315 31.04662 0.128436 0.013824 15.19819 9.483517 0.631918 0.623258 63.04484 337845.4 -487.999 72.96353 S.E. of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0 (a) Write estimated regression equation model. Sample: 188 Included observations: 88 Std. Error Mean dependent var S.D. dependent var Akaike info criterion Schwarz criterion (d) What does 0.631918 mean here? Hannan-Quinn criter. Durbin-Watson stat (c) Does having an additional bedroom significantly impact house prices? t-Statistic Prob. -0.62213 0.5355 9.290506 0.000 1.60259 0.1127 (b) What is the estimated increase in price for a house in $ with one more bedroom, holding everything else constant? 293.546 102.7134 11.15907 11.24352 11.19309 1.858074 (e) The first house in the sample has sqrft of 2,438 and bdrms 5. Find the predicted selling price for this house from the OLS regression line.

College Algebra
College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter3: Polynomial Functions
Section: Chapter Questions
Problem 18T
See similar textbooks
icon
Related questions
Question
I need help on d,e,f
V Empirical 5. Following is the regression output for a data from a random sample of house prices and the attributes that drive the prices. In the model below, price is the house price in $1000s, sqrft is size of house in square feet, and bdrms is number of bedrooms Dependent Variable: PRICE Method: Least Squares Variable C SQRFT BDRMS R-squared Adjusted R-squared Coefficient -19.315 0.128436 15.19819 0.631918 0.623258 63.04484 337845.4 -487.999 72.96353 S.E. of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0 (a) Write estimated regression equation model. Sample: 1 88 Included observations: 88 Std. Error 31.04662 0.013824 9.483517 (d) What does 0.631918 mean here? Mean dependent var S.D. dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter. Durbin-Watson stat (c) Does having an additional bedroom significantly impact house prices? t-Statistic Prob. -0.62213 0.5355 9.290506 0.000 1.60259 0.1127 (b) What is the estimated increase in price for a house in $ with one more bedroom, holding everything else constant? 293.546 102.7134 11.15907 11.24352 11.19309 1.858074 (e) The first house in the sample has sqrft of 2,438 and bdrms 5. Find the predicted selling price for this house from the OLS regression line. (f) The actual selling price of the first house in the sample was $300,000. Find the residual for this house. Does it suggest that the buyer underpaid or overpaid for the house?
Transcribed Image Text:V Empirical 5. Following is the regression output for a data from a random sample of house prices and the attributes that drive the prices. In the model below, price is the house price in $1000s, sqrft is size of house in square feet, and bdrms is number of bedrooms Dependent Variable: PRICE Method: Least Squares Variable C SQRFT BDRMS R-squared Adjusted R-squared Coefficient -19.315 0.128436 15.19819 0.631918 0.623258 63.04484 337845.4 -487.999 72.96353 S.E. of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0 (a) Write estimated regression equation model. Sample: 1 88 Included observations: 88 Std. Error 31.04662 0.013824 9.483517 (d) What does 0.631918 mean here? Mean dependent var S.D. dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter. Durbin-Watson stat (c) Does having an additional bedroom significantly impact house prices? t-Statistic Prob. -0.62213 0.5355 9.290506 0.000 1.60259 0.1127 (b) What is the estimated increase in price for a house in $ with one more bedroom, holding everything else constant? 293.546 102.7134 11.15907 11.24352 11.19309 1.858074 (e) The first house in the sample has sqrft of 2,438 and bdrms 5. Find the predicted selling price for this house from the OLS regression line. (f) The actual selling price of the first house in the sample was $300,000. Find the residual for this house. Does it suggest that the buyer underpaid or overpaid for the house?
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781337282291
Author:
Ron Larson
Publisher:
Cengage Learning
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Trigonometry (MindTap Course List)
Trigonometry (MindTap Course List)
Trigonometry
ISBN:
9781337278461
Author:
Ron Larson
Publisher:
Cengage Learning
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
Functions and Change: A Modeling Approach to Coll…
Functions and Change: A Modeling Approach to Coll…
Algebra
ISBN:
9781337111348
Author:
Bruce Crauder, Benny Evans, Alan Noell
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS