The local electric company wants to determine the relationship between electricity consumption and the thermostat settings of
Question:
The local electric company wants to determine the relationship between electricity consumption and the thermostat settings of customer water heaters. They collected data on the total electric consumption (in kilowatts) and the water heater thermostat settings (in degrees Fahrenheit) for 100 customers and they ran a regression on these data. Refer to the output from this regression (shown below) to answer the following:
l) What is the regression equation?
m) Interpret the coefficients of the regression equation.
n) What is the coefficient of correlation and what does it tell you?
o) What is the coefficient of determination and what does it tell you?
p) Say you want to run a test to determine if the slope of the regression line is truly different from 0. Specify
The test. What is the p-value for this test? Would you reject the null hypothesis at? = .01?
q) What does the P-value in the row for ?Intercept? refer to and what does it tell you?
SUMMARY OUTPUT
Regression Statistics
Multiple R 0.345078397
R Square 0.1190791
Adjusted R Square 0.110090111
Standard Error 369.3236756
Observations 100
Federal Tax Research
ISBN: 9781285439396
10th edition
Authors: Roby Sawyers, William Raabe, Gerald Whittenburg, Steven Gill