TLSIun equdtion. Regression Analysis: Price versus Age The regression equation i

Question

TLSIun equdtion. Regression Analysis: Price versus Age The regression equation is Price 32189-1802 Age Predictor Constant Age 1522 21.150.000 -1801.9 160.4 -11.23 0.000 Coef SE Coetf 32189 S=2575.15 R-Sq 90.7% R-Sq (adj ) 89.9% = - Analysis of Variance Source DF MS 1 836808919 836808919 126.19 0.000 6631416 Regression Residual Error 13 86208414 14 923017333 Total Unusual Observations obs Age Price Fit SE Fit Residual St Resid 1 1.0 35500 303881379 5112 2.35R R denotes an observation with a large standardized residual

Explanation / Answer

The R square value is 90.7% . This means that the regression model is able to explain 90.7% variation in the dependent variable (y) based on the independent variables (Xs).

The value ranges from 0 to 100% , higher the value better the model . Hence this is indeed a good model.

Also the p value of Age , in the first table is 0.00 . This value is less than 0.05 significance level , hence we can conclude that Age is a significant variable in explaining the variation of the data captured by the model

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