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TABLE 13-6 One of the Most Common Questions of Prospective House Buyers

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TABLE 13-6
One of the most common questions of prospective house buyers pertains to the cost of heating in dollars (Y) . To provide its customers with information on that matter, a large real estate firm used the following four variables to predict heating costs: the daily minimum outside temperature in degrees of Fahrenheit (X1) , the amount of insulation in inches (X2) , the number of windows in the house (X3) , and the age of the furnace in years (X4) . Given below are the Microsoft Excel outputs of two regression models.
TABLE 13-6 One of the most common questions of prospective house buyers pertains to the cost of heating in dollars (Y) . To provide its customers with information on that matter, a large real estate firm used the following four variables to predict heating costs: the daily minimum outside temperature in degrees of Fahrenheit (X1) , the amount of insulation in inches (X2) , the number of windows in the house (X3) , and the age of the furnace in years (X4) . Given below are the Microsoft Excel outputs of two regression models. -Referring to Table 13-6, the estimated value of the partial regression parameter β₁ in Model 1 means that A) holding the effect of the other independent variables constant, an estimated expected $1 increase in heating costs is associated with a decrease in the daily minimum outside temperature by 4.51 degrees. B) holding the effect of the other independent variables constant, a 1 degree increase in the daily minimum outside temperature results in a decrease in heating costs by $4.51. C) holding the effect of the other independent variables constant, a 1 degree increase in the daily minimum outside temperature results in an estimated decrease in mean heating costs by $4.51. D) holding the effect of the other independent variables constant, a 1% increase in the daily minimum outside temperature results in an estimated decrease in mean heating costs by 4.51%.
TABLE 13-6 One of the most common questions of prospective house buyers pertains to the cost of heating in dollars (Y) . To provide its customers with information on that matter, a large real estate firm used the following four variables to predict heating costs: the daily minimum outside temperature in degrees of Fahrenheit (X1) , the amount of insulation in inches (X2) , the number of windows in the house (X3) , and the age of the furnace in years (X4) . Given below are the Microsoft Excel outputs of two regression models. -Referring to Table 13-6, the estimated value of the partial regression parameter β₁ in Model 1 means that A) holding the effect of the other independent variables constant, an estimated expected $1 increase in heating costs is associated with a decrease in the daily minimum outside temperature by 4.51 degrees. B) holding the effect of the other independent variables constant, a 1 degree increase in the daily minimum outside temperature results in a decrease in heating costs by $4.51. C) holding the effect of the other independent variables constant, a 1 degree increase in the daily minimum outside temperature results in an estimated decrease in mean heating costs by $4.51. D) holding the effect of the other independent variables constant, a 1% increase in the daily minimum outside temperature results in an estimated decrease in mean heating costs by 4.51%.
-Referring to Table 13-6, the estimated value of the partial regression parameter β₁ in Model 1 means that

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Definitions:

Anti-globalization Movement

A social movement that opposes the global integration of economies, arguing that it increases inequality within and between nations and threatens environmental and cultural diversity.

Union Activists

Individuals actively involved in promoting and defending the rights and interests of workers through labor unions.

Transnational Corporations

Large companies that operate and have assets in more than one country, exerting significant economic and political influence globally.

Imperialism

A policy or practice by which a country extends its power and influence through colonization, military force, or other means.

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