In Chapter 16, Exercise 54 predicted the price ($/lb) of lobster harvested in the Maine lobster fishing industry. Here’s a multiple regression to predict the Price from the number of Traps (millions), the number of Fishers, and Pounds/Trap during the years 1957 to 2012.
Dependent variable is: Price/lb
R squared = 94.2% R squared (adjusted) = 93.8%
s = 0.2850 with 56 - 4 = 52 degrees of freedom
a) Write the regression model.
b) Are the assumptions and conditions met?
c) State and test the standard null hypothesis for the coefficient of Pounds/Trap. Use the standard a-level of .05 and state your conclusion.
d) Does the coefficient of Pounds/Trap mean that when the pounds per trap declines the price will increase?
e) This model has an adjusted R2 of 93.8%. The previous model of Chapter 16, Exercise 56, had an adjusted R2 of 91.6%. What does adjusted R2 say about the two models?

  • CreatedMay 15, 2015
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