Consider the following set of dependent and independent variables. These data can also be found in the Excel file Prob 1542.xlsx.

y 47 42 40 40 31 26 23 18 10 14 6 x1 74 63 78 52 44 47 35 17 15 20 17 x2 22 29 20 17 13 17 8 15 10 10 7 x3 7 15 9 12 18 17 23 20 27 30 33 Using PHStat, check for the presence of multicollinearity.

If multicollinearity is present, take the necessary steps to eliminate it.

AppendixLO1