The Information Below Represents the Relationship Between the Selling Price

question 59

Essay

The information below represents the relationship between the selling price (Y, in $1,000) of a home, the square footage of the home ( ), and the number of rooms in the home ( ). The data represents 60 homes sold in a particular area of East Lansing, Michigan and was analyzed using multiple linear regression and simple regression for each independent variable. The first two tables relate to the multiple regression analysis.
-(A) Use the information related to the multiple regression model to determine whether each of the regression coefficients are statistically different from 0 at a 5% significance level. Summarize your findings.
(B) Test at the 5% significance level the relationship between Y and X in each of the simple linear regression models. How does this compare to your answer in (A)? Explain.
(C) Is there evidence of multicollinearity in this situation? Explain why or why not.

Understand the application of cumulative distribution functions.

Understand the properties and behaviors of different probability distributions including normal, exponential, triangular, and uniform distributions.

Calculate probabilities and parameters (mean, variance, expected value) for various probability distributions.

Distinguish between characteristics of continuous and discrete probability distributions.

---

Definitions:

Social Dominance

A social theory that suggests there are hierarchies within societies that are maintained through a combination of age, ethnicity, gender, and other factors.

Consumerism

Consumerism is the societal tendency to identify strongly with consumption of goods and services as a primary means of achieving happiness and social status.

Life Review

Looking back on the events of one’s life in late adulthood, often in an effort to construct a meaningful narrative.

Life Retrospect

Reflecting on the events and experiences of one's life.