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Help needed with detailed explanations [25 points] House values The data set Roslyn in the accompanying workbook gives appraised values {In 51000's] and size {in
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[25 points] House values The data set Roslyn in the accompanying workbook gives appraised values {In 51000's] and size {in square feet} for thirty houses in the Roslyn neighborhood. Use Excel's Data Analysis TooIPak to produce output for the simple linear regression, with Valle as the response {y} variable and Size as the predictor [)1] variable. [Don't copy this into your exam, but include it in the workbook you submit with your exam} Answer the following questions. You may take any numbers you need from the regression output. a] Write out the equation of the regression of Value [y] on Size (.x] b) State the numerical value of the slope of the regression line. What does it tell you in this context? c} State the numerical value of the standard error of the estimate? What does it tell you in this context? d) State the numerical value of the coefficient ofdetermlnation? What does It tell you In this context? e} What practical information does the regression equation give a realtor about a 3,000 square foot house ? 0 What practical information does the regression equation give a realtor about a 30,000 square foot house? [Think carefully: This is a sneaky question] g] Conduct an appropriate statistical test for the significance of the regression of value on size, Including a clear statement of the hypotheses. {Note that for a Simple Linear Regression you can use either the Test for Individual Significance or the Test oflolnt Signicance. You will reach identical conclusions} h) What practical conclusion can a realtor draw from the hypothesis test inj)Step by Step Solution
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