Question: What does it mean by benchmark like the average when discussing the economic significance in this multiple linear regression ??? a.Discussion of economic significance (6
What does it mean by "benchmark like the average" when discussing the economic significance in this multiple linear regression ???
"a.Discussion of economic significance (6 marks, one mark deduction if they do not define economic significance properly e.g. do they use a certain benchmark like the average)"

Run Model = Equation and possible graph SUMMARY OUTPUT Regression Statistics Multiple R 0.94446297 R Square 0.89201031 Adjusted R S 0.88974479 Standard Err 229145.146 Observation: 293 ANOVA MS F Significance F Regression 6 1.2404E+14 2.06746+13 393.733491 4.9416-135 Residual 286 1.5017E+13 5.25076+10 Total 292 1.3906E+14 Coefficients itandard Erro t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept 52165.941 50598.5318 1.03097736 0.30342249 -47426.808 151758.69 47426.808 151758.69 bedrooms -66257.571 29631.1691 -2.2360769 0.026118 -124580.4 -7934.7412 -124580.4 -7934.7412 intsize 5402.13436 920.069481 5.87144175 1.1962E-08 3591.16781 7213.10091 3591.16781 7213.10091 Tincome 2.67390671 0.09835896 27.1851859 2.9416E-81 2.48030743 2.867506 2.48030743 2.867506 location -40248.486 9370.61675 -4.29518 2.3941E-05 -58692.607 -21804.364 -58692.607 -21804.364 owncroc 13821.3794 26868.3798 0.5144106 0.60736222 -39063.471 66706.23 -39063.471 66706.23 overseas -2528,463 33067.102 -0.0764646 0.93910293 -67614.217 62557.2908 -67614 217 62557.2908 9 = predicted price sold p = 52165.941 - 666257.571(bedrooms) + 5402.13436(intsize) + 2.6739(Tincome) - 40248.486(location) + 13821.3794(owneroc) - 2528.463(overseas)
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