Question
I need this data put into an excel spreadsheet. Please refer to the data below for the data needed to be put into the excel
I need this data put into an excel spreadsheet. Please refer to the data below for the data needed to be put into the excel spreadsheet. Thank you.
- What is the interpretation of adjusted R-square for this problem?
R2 adjusted =0.7837.
The p-value of the regression coefficient of Capacity is 0.0683 >0.05. Hence at a 5% level of significance, we do not reject H0.
And p-value of the regression coefficient of Comfort is 0.0007 <0.05. Hence at a 5% level of significance, we reject H0.
- What price would you predict for a backpack with a mean capacity of 5700 (cubic inches) and comfort rating of 4? (1 point)
The price predicted for backup with a mean capacity of 5700 cubic inches and a comfort rating of 4 is 284.75.
356.12 - 0.10 x 5700 + 122.87 x 4 = 284.75
- Provide the appropriate test statistic and p-value for assessing whether there is evidence that comfort aids in predicting price.
Test statistics: t =(b2_cap- b2)/s.e(b2_cap) where s.e(b2_cap)= standard error of the b2_cap
t= 5.6361 and p-value=0.000785.
The p-value of the regression coefficient of Comfort is 0.0007 <0.05.
4. Provide an interpretation for the sample regression coefficient of Capacity. (1 point)
The sample regression coefficient of Capacity is -0.098744.
The unit increase in Capacity decreases the price by 0.0987.
5. Is the overall model significant at a 0.05 level of significance? Why or Why not. (1 point)
H0: The regression coefficient is not significantly different from 0. (i.e.,b1=b2=0)
against H1: the Regression coefficient is significantly different from 0.F= 17.31372 is greater than F critical value (2,7)=4.74 at a 5% level f significance
6. Does Capacity aid in predicting price at a 0.05 level of significance? Why or Why not.
Note that the p-value of the regression coefficient of Capacity is 0.0683 >0.05. Hence at a 5% level of significance, we do not reject H0.
Data for this scenario:
Manufacturer & Model | Capacity | Comfort | Price ($) |
Camp Trails Paragon | 4330 | 2 | 190 |
EMS 5500 | 5500 | 3 | 219 |
Lowe Almayo | 5500 | 4 | 249 |
Marmot Muir | 4700 | 3 | 249 |
Kelly Bigfoot | 5200 | 4 | 250 |
Gregory Whitney | 5500 | 4 | 340 |
Osprey 75 | 4700 | 4 | 389 |
Arc' Teryx Bora | 5500 | 5 | 395 |
Dana Design Terraplane | 5800 | 5 | 439 |
The Works @ Mystery | 5000 | 5 | 525 |
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