Using the data in the Excel file Home market value develop a multiple linear regression model for estimating the market value as a function of both the age and size of the house. State the model and explain R2, Significance F, and p-value

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A47 fx 120700 H L M N P a s Market Value LOCATE REGRESSION OUTPUT IN BLUE SHADED AREA BELOW 10 11 12 13 14 15 16 17 $90,000 $104,400 $93,300 $91,000 $101,900 $108,500 $87,600 $96.000 $89,200 $88,400 $100,800 $96.700 $87,500 $114,000 $113,200 $87,500 $116,100 $94,700 $86,400 $87,100 $83,400 $79,800 $81,500 $87,100 House Age Square Feet 1,812 32 1,914 32 1,842 33 1,812 32 1,836 33 2,028 32 1,732 33 1,850 32 1,791 33 1,666 32 1.852 32 1,620 32 1,692 32 2,372 32 2,372 33 1,666 32 2,123 32 1,620 32 1,731 32 1,666 28 1,520 27 1,484 28 1,588 28 1,598 18 19 20 21 22 23 24 25 27 ANSWER THE FOLLOWING QUESTIONS: 29 ANSWERS 30 $82,600 28 1,484 1) What is the value of Rsquare and what does this tell you? 31 $78,800 28 1.484 2) What is the F value and what does it tell you? 33 34 3) What is the multiple regression equation? 1,484 square feet using the model 1,600 square feet using the model 6) Which explanatory variable is significant at the a = .05? 7) Interpret the House Age coefficient S) Intepret the square feet coefficient 35 36 37 38 $87,600 $94,200 $82,000 $ $88,100 $88,100 $88,600 $76,600 $84,400 $90,900 $81,000 $91,300 $81,300 $100,700 $87,200 $96,700 $120,700 $ 28 27 28 28 28 27 27 28 27 28 28 27 27 28 27 27 1,520 1,701 1,484 1,468 1,520 1,520 1,484 1,520 1,668 1,588 1,784 1,484 1,520 1,520 1.684 1,581 40 41 45 46 49 A47 fx 120700 H L M N P a s Market Value LOCATE REGRESSION OUTPUT IN BLUE SHADED AREA BELOW 10 11 12 13 14 15 16 17 $90,000 $104,400 $93,300 $91,000 $101,900 $108,500 $87,600 $96.000 $89,200 $88,400 $100,800 $96.700 $87,500 $114,000 $113,200 $87,500 $116,100 $94,700 $86,400 $87,100 $83,400 $79,800 $81,500 $87,100 House Age Square Feet 1,812 32 1,914 32 1,842 33 1,812 32 1,836 33 2,028 32 1,732 33 1,850 32 1,791 33 1,666 32 1.852 32 1,620 32 1,692 32 2,372 32 2,372 33 1,666 32 2,123 32 1,620 32 1,731 32 1,666 28 1,520 27 1,484 28 1,588 28 1,598 18 19 20 21 22 23 24 25 27 ANSWER THE FOLLOWING QUESTIONS: 29 ANSWERS 30 $82,600 28 1,484 1) What is the value of Rsquare and what does this tell you? 31 $78,800 28 1.484 2) What is the F value and what does it tell you? 33 34 3) What is the multiple regression equation? 1,484 square feet using the model 1,600 square feet using the model 6) Which explanatory variable is significant at the a = .05? 7) Interpret the House Age coefficient S) Intepret the square feet coefficient 35 36 37 38 $87,600 $94,200 $82,000 $ $88,100 $88,100 $88,600 $76,600 $84,400 $90,900 $81,000 $91,300 $81,300 $100,700 $87,200 $96,700 $120,700 $ 28 27 28 28 28 27 27 28 27 28 28 27 27 28 27 27 1,520 1,701 1,484 1,468 1,520 1,520 1,484 1,520 1,668 1,588 1,784 1,484 1,520 1,520 1.684 1,581 40 41 45 46 49