Jersey Shore Realtors would like to develop a regression model to help it set weekly rental rates for beach properties during the summer season in New Jersey. The independent variables for this model are the number of bedrooms a property has, its age, and the number of blocks away from the ocean it is. The data for randomly selected rental properties can be found in the Excel file Jersey Shore Realtors 1. xlsx.
a. Using PHStat, construct a regression model using all three independent variables.
b. Test the significance of each independent variable using α = 0.05.
c. Using p values, determine which independent variables are significant with α = 0.05.
d. Construct a 95% confidence interval for the regression coefficients for the Bedroom variable and interpret the meaning.
e. Using the results from part d, comment on the significance of the Bedroom variable.