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samestepp samestepp
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3 weeks ago
Use the following to answer the questions below:

A quantitatively savvy, young couple is interested in purchasing a home in northern New York. They collected data on houses that had recently sold in the two towns they are considering. The variables they collected are the selling price of the home (in thousands of dollars), the size of the home (in square feet), the age of the home (in years), and the town in which the house is located (coded 1 = Canton and 0 = Potsdam). Output from their multiple regression analysis is provided.

The regression equation is
Price (in thousands) = 69.2 + 0.0627 Size (sq. ft.) - 0.632 Age + 1.6 Town

PredictorCoefSE CoefTP
Constant69.2325.102.760.008
Size (sq. ft.)0.062670.010246.120.000
Age-0.63190.1328-4.760.000
Town1.6512.150.140.893
S = 40.0763        R-Sq = 59.3%        R-Sq(adj) = 56.5%

Analysis of Variance

SourceDFSSMSFP
Regression31029363431221.360.000
Residual Error44706691606
Total47173605

Interpret the coefficient of Town in context.
Textbook 
Statistics: Unlocking the Power of Data

Statistics: Unlocking the Power of Data


Edition: 3rd
Authors:
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naj2008hnaj2008h
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