Answered step by step
Verified Expert Solution
Question
1 Approved Answer
14 1 point Suppose Dan keeps track of every penny spent by his household in an impressive Excel spreadsheet. He uses the information to
14 1 point Suppose Dan keeps track of every penny spent by his household in an impressive Excel spreadsheet. He uses the information to forecast the family's monthly power bills. He runs a regression where the y-variable is the monthly bill in $) and the explanatory variables are quarter of the year (Q1-Jan to March, Q2-April to June, and so on) and a linear trend that 1 in January 2015 and 107 in the most recent month available at the time of the analysis (November 2023). Suppose Dan is eagerly awaiting his June 2024 power bill (can, not, wait). What does this model forecast that bill would be? Please round your answer to 1 decimal place (if necessary). Regression Statistics Type your answer.. Previous Multiple R 0.753 R Square 0.567 Adjusted R Square 0.550 Standard Error 22.5 Observations 107 Intercept Coefficients 84.27 Standard Error t Stat P-value 5.97 14.10 0.000 Qtr 1 24.74 6.20 3.99 0.000 Qtr 2 31.02 6.18 -5.02 0.000 Qtr 3 34.00 6.18 5.51 0.000 t 0.25 0.07 3.58 0.001 Next *
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started