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TABLE 13-4 A Real Estate Builder Wishes to Determine How House Size

question 137

Multiple Choice

TABLE 13-4
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 13-4, one individual in the sample had an annual income of $40,000, a family size of 1, and an education of 8 years. This individual owned a home with an area of 1,000 square feet (House = 10.00) . What is the residual (in hundreds of square feet) for this data point?

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Definitions:

Total Variation

The overall variation in a set of data, which can be partitioned into components attributed to various sources in statistical analyses.

SSR

Sum of Squares due to Regression, a measure used in statistical analysis to describe the variation explained by the regression model.

Coefficient

A fixed number or constant that precedes and multiplies the variable in an algebraic term.

Multiple Regression

A statistical technique that models the relationship between a dependent variable and two or more independent variables to predict the outcome.