# Question

The file P02_35.xlsx contains data from a survey of 500 randomly selected households.

a. In an effort to explain the variation in the size of the monthly home mortgage or rent payment, estimate a multiple regression equation that includes all of the potential household explanatory variables.

b. Using the regression output, determine which of the explanatory variables should be excluded from the regression equation. Justify your choices.

c. Do you obtain substantially different results if you combine First Income and Second Income into a Total Income variable and then use the latter as the only income explanatory variable?

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a. In an effort to explain the variation in the size of the monthly home mortgage or rent payment, estimate a multiple regression equation that includes all of the potential household explanatory variables.

b. Using the regression output, determine which of the explanatory variables should be excluded from the regression equation. Justify your choices.

c. Do you obtain substantially different results if you combine First Income and Second Income into a Total Income variable and then use the latter as the only income explanatory variable?

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