In estimating annual food expenditure for a family based on the familys annual income and size, R

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In estimating annual food expenditure for a family based on the family’s annual income and size, R2 is 0.927 and the p-value for the family’s annual income and size is 0.0567 and 0.0235, respectively. On assessing another independent variable, average meals per day, R2 is 0.932 with p-value for the family’s annual income, size, and average meals per day is 0.364, 0.0153, and 0.107 respectively. Based on what you know about multicollinearity, how would you interpret these results?

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Related Book For  answer-question

Statistics For Business And Economics

ISBN: 9781292315034

9th Global Edition

Authors: Paul Newbold, William Carlson, Betty Thorne

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