A regression model from the collection of houses in Exercise 15 shows the following: a) The slope
Question:
a) The slope of Age is negative. Does this indicate that older houses cost less, on average? Explain.
b) Why did the model subtract 38.5122 from Age in the quadratic term?
Transcribed Image Text:
Variable Ceff SE(Coeff) t-ratio P-value Intercept 217854.85 4197.417 51.90 <0.0001 Age (Age-38.5122)2 20.401223 1.327713 15.37 <0.0001 -1754.254 127.3356 -13.78 <0.0001
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Related Book For
Business Statistics
ISBN: 9780321925831
3rd Edition
Authors: Norean Sharpe, Richard Veaux, Paul Velleman
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