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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.
Standard variable Coefficient Error t Statistic Intercept 5.4841 0.13081 41.92 Sale price 0.0733 0.0234 3.13 SubZero brand 1.1196 0.1462 7.66 Total capacity (in cubic feet) 0.06956 0.005351 13.00 Twodoor, freezer on bottom 0.04657 0.08085 0.58 Twodoor, side freezer Base Twodoor, freezer on top 0.3432 0.03596 -9.55 One door with freezer 0.7096 0.1310 5.42 One door, no freezer 0.8820 0.1491 5.92Step by Step Solution
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