Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 17 2.86 pts Assume you ran a multiple regression to gain a better understanding of the relationship between lumber sales, housing starts, and commercial

image text in transcribed
Question 17 2.86 pts Assume you ran a multiple regression to gain a better understanding of the relationship between lumber sales, housing starts, and commercial construction. The regression uses lumber sales (in $100,000s) as the response variable with housing starts (in 1,000s) and commercial construction (in 1,000s) as the explanatory variables. The estimated model is Lumber Sales = Bo + By Housing Starts + B2 Commercial Constructions + E. The following ANOVA table summarizes a portion of the regression results. df SS MS F Regression 2 180,770 90,385 103.3 Residual 45 39,375 875 Total 47 220,145 Coefficients Standard Error t-stat p-value Intercept 5.37 1.71 3.14 0.0030 Housing Starts 0.76 0.09 8.44 0.0000 Commercial Construction 1.25 0.33 3.78 0.0005 If Housing Starts were 17,000 and Commercial Construction was 3,200, the best estimate of Lumber Sales would be O $16,925,370 $16,920,000 $22,014,000 $22,290,000

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

Boundary Value Problems And Partial Differential Equations

Authors: David L Powers, Powers Shelley

6th Edition

0080884415, 9780080884417

More Books

Students also viewed these Mathematics questions