=+35. Lobster industry 2012, revisited, part 2. In Chapter 16, Exercise 54 predicted the price ($/lb) of lobster harvested in the Maine lobster fishing industry. Here’s a multiple regression to predict the Price from the number of Traps

(millions), the number of Fishers, and Pounds/Trap during the years 1957 to 2012.

Dependent variable is: Price/lb R squared = 94.2% R squared (adjusted) = 93.8%

s = 0.2850 with 56 - 4 = 52 degrees of freedom Source Sum of Squares df Mean Square F-ratio Regression 68.3949 3 22.7983 280.70 Residual 4.2234 52 0.0812 Variable Coefficient SE(Coeff) t-ratio P-value Intercept 1.0942 0.3118 3.51 0.0009 Traps(M) 1.2357 0.0443 27.90 60.0001 Fishers -0.000149 0.0000339 -4.40 60.0001 Pounds/

Trap -0.0180 0.00517 -3.47 0.0011

–0.5 0.0 0.5 Residuals Predicted 1 2 3 M17_SHAR8696_03_SE_C17.indd 619 14/07/14 7:38 AM 620 CHAPTER 17 Multiple Regression 15 10 5

–0.5 0.0 Residuals 0.5 1.0 Frequency