Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Refrigerator prices are affected by characteristics such as whether or not the refrigerator is on sale, whether or not it is listed as a Sub-Zero

Refrigerator prices are affected by characteristics such as whether or not the refrigerator is on sale, whether or not it is listed as a Sub-Zero brand, the number of doors (one door or two doors), and the placement of the freezer compartment (top, side, or bottom). The table below shows the regression output from a regression model using the natural log of price as the dependent variable. The model was developed by the Bureau of Labor Statistics.

image text in transcribed
Variable Coefficient Standard Error t Statistic Intercept 5. 2700 0. 12679 41 .56 Sale price -0. 0741 0. 0239 -3.10 2 Sub-Zero brand 1. 2056 0. 1387 8. 69 points Total capacity (in cubic ft) 0. 07588 0. 00626 12. 12 Two-door, freezer on bottom 0. 05354 0. 07222 0. 74 Two-door, side freezer Base Two-door, freezer on top -0. 3031 0. 03846 -7.88 eBook One door with freezer -0. 7693 0. 1337 -5.75 References One door, no freezer -0. 8381 0. 1529 -5.48 (a) Write the regression model, being careful to exclude the base indicator variable. (Negative amounts should be indicated by a minus sign. Round your answers to 4 decimal places.) In(Price) = |5.2700 + -0.0741 SalePrice + 1.2056 Sub-Zero + 0.07588 Capacity + 0.05354 2DoorFzBot + -0.3031 2DoorFzTop + -0.7693 1DoorFz+ -0.8381 1DoorNoFz (b) Find the p-value for each coefficient, using 302 degrees of freedom. Using an a = .01, which predictor variable(s) are not significant predictors? (Leave no cells blank - be certain to enter "(" wherever required. Round your answers to 4 decimal places.) p-value SalePrice 0.0030 Sub-Zero Capacity 2DoorFzBot 2DoorFzTop 1DoorFz 1DoorNoFZ

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

Linear Algebra With Applications

Authors: W. Keith Nicholson

7th Edition

978-0070985100, 70985103

More Books

Students also viewed these Mathematics questions

Question

Explain the market segmentation.

Answered: 1 week ago

Question

Mention the bases on which consumer market can be segmented.

Answered: 1 week ago