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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
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
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