Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A multiple linear regression analysis was carried out using the following data for 60 residential housing sales in a given area in the east coast
A multiple linear regression analysis was carried out using the following data for 60 residential housing sales in a given area in the east coast of the USA in 2019: Y = Sales Price (in thousands of dollars). X1 = Living Area (in square feet) X2 = 1 if the house is on the waterfront = 0 if the house is not on the waterfront X3 = 1 if the house has a garage = 0 if the house does not have a garage The results of a regression analysis used to predict housing sales are as follows: /\\ 1. Prediction equation: Y = -28 + 0.088X1 + 280X2 + 35X3 2. The F test is statistically significant. 3. The three T tests are statistically signicant. 4. The value of SSE = 35,000. 5. The value of SSR = 315,000. 6. The residual plots exhibited a random pattern with no outliers present. A waterfront house without a garage has 3,500 square feet of living area. Obtain a 95% prediction interval for the sales price of this house
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