Answered step by step
Verified Expert Solution
Question
1 Approved Answer
In your new role as a data scientist for a logging company, you build a regression for the value of a tree (in $). The
In your new role as a data scientist for a logging company, you build a regression for the value of a tree (in $). The regression output below estimates the value of a tree (in $) based on independent variables for the age of the tree in years (Age), the height of the tree in feet (Height) and the diameter of the tree in inches (Diameter). Coefficients Standard Error t Stat P-value Intercept 25.74 18.65 1.38 0.168 Age 6.57 3.63 1.81 0.070 Height 30.84 11.51 2.68 0.007 Diameter 36.80 17.36 2.12 0.034 What would the coefficient on Age be if age was measured in decades, not years? Note that 1 decade = 10 years. Please round your answer to 2 decimal places
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