In order to determine what types of homes would attract residents of the college community of Oxford, Ohio a builder of speculative homes contacted a statistician at a local college. The statistician went to a local real estate agency and obtained the data in Table 13.10 on the next page. This table presents the sales price y, square footage x1, number of rooms x2, number of bedrooms x3, and age x4, for each of 63 single-family residences recently sold in the community. If we use regression, we find that the simple correlation coefficient between (1) y and x1 is .8315; (2) y and x 2 is .5883; (3) y and x3 is .4544; (4) y and x4 is .2948. Interpret these correlation coefficients.
Answer to relevant QuestionsIn an article in Public Roads (1983), Bissell, Pilkington, Mason, and Woods study bridge safety (measured in accident rates per 100 million vehicles) and the difference between the width of the bridge and the width of the ...Model: y = β0 + β1x1 + β2x2 + ε Sample size: n = 8 The output follows on the shown below. Use the MINITAB output in Figure (c) to do (1) through (6) for each of β0, β1, β2, and β3. How do we use dummy variables to model the effects of a qualitative independent variable? Recall that Table presents data concerning the need for labor in 16 U.S. Navy hospitals. This table gives values of the dependent variable Hours (monthly labor hours) and of the independent variables Xray (monthly X-ray ...
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