Question
Suppose the following data were collected from a sample of 15 houses relating selling price to square footage and the architectural style of the house.
Suppose the following data were collected from a sample of 15 houses relating selling price to square footage and the architectural style of the house. Use statistical software to find the following regression equation:
PRICEi=b0+b1SQFTi+b2COLONIALi+b3RANCHi+ei.
Is there enough evidence to support the claim that on average, houses that are ranch style have lower selling prices than houses that are Victorian style at the 0.01 level of significance? If yes, write the regression equation in the spaces provided with answers rounded to two decimal places. Else, select "There is not enough evidence."
Selling Price | Square Footage | Colonial (1 if house is Colonial style, 0 otherwise) | Ranch (1 if house is Ranch style, 0 otherwise) | Victorian (1 if house is Victorian style, 0 otherwise) |
---|---|---|---|---|
402899 | 1845 | 0 | 0 | 1 |
401159 | 2538 | 0 | 1 | 0 |
379188 | 2027 | 1 | 0 | 0 |
366694 | 1707 | 1 | 0 | 0 |
386206 | 2082 | 0 | 1 | 0 |
402719 | 1958 | 0 | 0 | 1 |
341536 | 1572 | 0 | 1 | 0 |
423115 | 3057 | 0 | 1 | 0 |
407797 | 3473 | 0 | 0 | 1 |
465879 | 3666 | 0 | 1 | 0 |
409897 | 3411 | 0 | 0 | 1 |
456301 | 3649 | 1 | 0 | 0 |
407880 | 3171 | 0 | 0 | 1 |
435798 | 3145 | 1 | 0 | 0 |
408085 | 2647 | 1 | 0 | 0 |
Selecting a checkbox will replace the entered answer value(s) with the checkbox value. If the checkbox is not selected, the entered answer is used.
PRICEi=____________ +____________ SQFTi+ ____________ COLONIALi + ____________ RANCHi+ei
or There is not enough evidence
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