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Assume we need a model to estimate home price. A sample of 15 observations showed: House 1 2 3 13 14 15 Price (S

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Assume we need a model to estimate home price. A sample of 15 observations showed: House 1 2 3 13 14 15 Price (S th Size 240.8 215.2 199.2 222.4 159.2 130.4 3305 2863 2573 2906 2174 1292 No of Rooms 7 6 7 7 7 6 rage ears yes-I 23 23 20 17 18 17 1 1 1 1 The Excel Regression output for the previous data is: Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations ANOVA Regression Residual Total Intercept Size (s.f.) No of Rooms Age (years) Garage (yes=l) 0.945 0.893 22.268 15 14 ss 41356.793 4958.557 46315.349 Coefficients Standard Error MS t Stat -0.537 5.193 -0.185 -0.292 F P-value 0.603 0.001 0.857 0.776 Significance F Lower Upper -29.542 0.073 7.179 -0.237 -5.672 54.964 0.014 8.940 1.281 19.433 -152.009 0.042 -3.092 -48.971 92.925 0.104 2.618 37.626

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