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TABLE 14-4 A Real Estate Builder Wishes to Determine How House Size

question 164

Multiple Choice

TABLE 14-4
A real estate builder wishes to determine how house size (House) is influenced by family income (Income) , family size (Size) , and education of the head of household (School) . House size is measured in hundreds of square feet, income is measured in thousands of dollars, and education is in years. The builder randomly selected 50 families and ran the multiple regression. Microsoft Excel output is provided below: $TABLE 14-4 A real estate builder wishes to determine how house size (House) is influenced by family income (Income) , family size (Size) , and education of the head of household (School) . House size is measured in hundreds of square feet, income is measured in thousands of dollars, and education is in years. The builder randomly selected 50 families and ran the multiple regression. Microsoft Excel output is provided below: -Referring to Table 14-4, what fraction of the variability in house size is explained by income, size of family, and education? A) 27.0% B) 33.4% C) 74.8% D) 86.5%$
-Referring to Table 14-4, what fraction of the variability in house size is explained by income, size of family, and education?

Definitions:

Machine Time

It refers to the duration a machine is utilized for production activities, crucial for calculating manufacturing costs and efficiency.

Process Cost Accounting

A method of accounting used to accumulate manufacturing costs of products in a continuous flow or mass production process.

Mass-Producing Products

The manufacturing of large quantities of standardized products, often using assembly line technology or other efficient production techniques.

Labor Costs

The total sum of all wages, benefits, and taxes paid for the employees by an employer.