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SCENARIO 18-2
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 4 variables to predict heating costs: the daily minimum outside temperature in degrees of Fahrenheit ( X1 ) , the amount of insulation in inches ( X 2 ) , the number of windows in the house ( X3 ) , and the age of the furnace in years ( X 4 ) . Given below are the EXCEL outputs of two regression models.
-Referring to Scenario 18-1,which of the following values for the level of significance is the smallest for which every explanatory variable is significant individually?
Tablet Computer
A portable computing device featuring a touchscreen interface and is larger than a smartphone but smaller than a laptop.
Odds
A ratio representing the probability that a particular event will take place compared to the probability that it will not.
Logistic Regression
A statistical method used for modeling the outcome of a binary dependent variable based on one or more predictor variables.
Test Statistic
A value calculated from sample data to evaluate a hypothesis in statistics.
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