Assume You Ran a Multiple Regression to Gain a Better

question 33

Multiple Choice

Assume you ran a multiple regression to gain a better understanding of the relationship between lumber sales, housing starts, and commercial construction. The regression uses lumber sales (in $100,000s) as the response variable with housing starts (in 1,000s) and commercial construction (in 1,000s) as the explanatory variables. The estimated model is Lumber Sales = β₀ + β₁Housing Starts + β₂Commercial Constructions + ε. The following ANOVA table summarizes a portion of the regression results. If Housing Starts were 17,000 and Commercial Construction was 3,200, the best estimate of Lumber Sales would be ________.

• A) $16,920,000
• B) $16,925,370
• C) $22,014,000
• D) $22,290,000

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Definitions:

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