Question 11 1 pts Often, regression results will be presented in academic papers with coefficient values and standard errors (estimate of the standard deviation of the b) leaving the reader to determine in the parameter values are statistically significant. Below is a model of the selling price of houses in the Spring of 2018 in Ft. Thomas, Kentucky. selling price(y) = Bo + B1# of baths(x1) + 83square ft. (x2) + 83# of beds(x The model was estimated using a sample of 26 observations (n=26) with the following results: Standard Coefficients Error Intercept -5531.0144 67312.9506 Baths -1386.2100 23143.8052 Sq Ft 60.2793 23.5813 Beds 54797.0778 24019.7592 What is the positive value of the critical t value you would use to test the coefficients for significance if a = 0.05? Round to exactly 3 decimal places.Often, regression results will be presented in academic papers with coefficient values and standard errors (estimate of the standard deviation of the sampling distribution of b ) leaving the reader to determine in the parameter values are statistically significant. Below is a model of the selling price of houses in the Spring of 2018 in Ft. Thomas, Kentucky. selling price(y) = Bo + 31# of baths(x1) + 3square ft.(x2) + B3# of be The model was estimated using a sample of 26 observations (n=26) with the following results: Standard Coefficients Error Intercept -5531.0144 67312.9506 Baths -1386.2100 23143.8052 Sq Ft 60.2793 23.5813 Beds 54797.0778 24019.7592 Which independent variables have coefficients that are statistically significant at the 5% level? O Square ft, # of beds O Incercept, Square ft, # of beds, # of baths O Square ft O Intercept, Square ft O Intercept, #of bathsQuestion 1 8 1.5 pts Download the data le @pairs with dummies here 33, . The le contains hypothetical data on the time it takes to complete a set of repairs. Included in each element are observations on the repair person, the type of repair (mechanical or electrical) and the months since the last service date of the item repaired. Dummy variables (0 for services completed by Dave Newton and 1 for Bob Johnson) for service person and repair type (1 for electrical and 0 for mechanical) have been created for you. The objective of this exercise is to show the potential consequences of omitting important variables from regressions. Suppose managers decide to study only time to repair by service person and create and estimate a simple regression model: time to repair(y) = 50 + ,81 Repair person dummy variab1e(w1 + e The model is estimated as estimated time to repair(;)) 2 b0 + in Repair person dummy v riab1e(:c1) Use Excel to estimate the coefcients b0 and b1 and select the best answers below. The value for b] is [SP-lad] V and [5856\"] V suggesting that repairs done by [Select] V take longer to complete. Download the data le r_epairs with dummies here i, . The le contains hypothetical data on the time it takes to complete a set of repairs. Included in each element are observations on the repair person, the type of repair (mechanical or electrical) and the months since the last service date of the item repaired. Dummy variables (0 for services completed by Dave Newton and 1 for Bob Johnson) for service person and repair type (1 for electrical and 0 for mechanical) have been created for you. The objective of this exercise is to show the potential consequences of omitting important variables from regressions. Suppose managers decide to include more variables in the model and look at repair person, type of repair, and months since last service. time to repair(y) 2 69 + ,81 Repair person dummy variable(m1 i g type of repair (turn The model is estimated as estimated time to repair(g) 2 b0 + 151 Repair person dummy v riab1e(:1:1) + b2 type of re Use Excel to estimate the coefcients b0, b1, and b2 and select the best answer. 0 Once the other variables are included, the repair person is no longer a satistically signicant variable. 0 Once the other variables are included, the prediction from the simple regression is still valid. 0 Once the other variables are included, the F test suggests that none of the variables are signicant. 0 Once the other variables are included, the value for R squared decreases. Months Repair Time Person Repair Since Type of (hours) dummy dummy Last Service Repair Repairperson 4.4 electrical Bob Jones 4.9 electrical Bob Jones 4.8 electrical Bob Jones 2.9 electrical Dave Newton 2.9 electrical Dave Newton OOOOPPPPPP OOHHOOO PP P a w boo a N N OVA 4.5 electrical Dave Newton 4.8 mechanical Bob Jones 4.2 mechanical Bob Jones 1.8 mechanical Dave Newton 3.0 mechanical Dave Newton