When Analysing Regression Results, Model Fit Is Determined by Consulting

question 48

Multiple Choice

When analysing regression results, model fit is determined by consulting the:

• A) R-square value in the model summary table.
• B) significance value in the ANOVA output table.
• C) calculated t-values in the coefficients output table.
• D) Beta value in the coefficients output table.

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Definitions:

Price Per Ton

Price per ton is a measurement of cost used to evaluate bulk materials, indicating how much a buyer must pay for a thousand kilograms of the material.

Producer Surplus

The gap between the minimum amount sellers are prepared to accept for a product or service and the increased amount they actually get because of elevated market prices.

Deadweight Loss

A shortfall in economic efficiency due to a good or service not reaching free market equilibrium.

Total Surplus

The combined value of consumer and producer surplus that signifies the overall advantage to society through the manufacturing and consumption of products or services.