Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help! use JMP A Realtor is interested in modeling the selling price of houses based on the square footage (X1), the age of the

image text in transcribed

please help! use JMP

image text in transcribedimage text in transcribedimage text in transcribed
A Realtor is interested in modeling the selling price of houses based on the square footage (X1), the age of the house (X2) and the number of bedrooms (X;). The data was collected in the two largest cities in Arkansas and is given in an excel file. Follow the JMP instructions on blackboard to answer the questions below. 1. Check the model assumptions a. Does the plot of Residuals vs. Fitted Values indicate that the assumption of constant variance is valid? Explain your reasoning. (This might be somewhat subjective, pick the best answer) b. Does the Normal Probability Plot indicate that the assumption of normality is valid? Explain your reasoning. (This might be somewhat subjective, pick the best answer) c. Does the plot of Residuals vs. Fitted Values indicate that the assumption of E(=)=0? Explain your reasoning. (This might be somewhat subjective, pick the best answer)2. Determine if any higher order terms are needed in the model by creating the scatter plots of Y vs X1, Y vs X2, and Y vs. X3. What higher order terms, if any, are needed in the model? (This might be somewhat subjective, pick the best answer) 3. Create any higher order terms that are needed and run the regression again including all first order variables and your chosen higher order terms. Are ALL error assumptions valid for this model? Explain your reasoning by referencing both graphs and the sum of the new residuals. Note: Because of the very subjective nature of the last question this question won't be in the submission link.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Differential Equations With Boundary-Value Problems

Authors: Dennis G Zill, Ellen Monk, Warren S Wright

8th Edition

1285401298, 9781285401294

More Books

Students also viewed these Mathematics questions