A realtor used the regression model, y-betao+ beta1x1 +beta2x2epsilon, to predic

Question

A realtor used the regression model, y-betao+ beta1x1 +beta2x2epsilon, to predict selling prices of homes (in thousands of $) in a Columbus suburb The variable x1 represents the home size (square feet), and x2 represents the number of bedrooms. The following Excel partial output is available ANOVA df Regression 2 Residual10 Total 5800.44 312.99 6113.43 MSF 2900.22 92.66 31.30 Standard tStat Coefficients Intercept 27.13 Size Bedrooms 20.22 1.19 5.33 3.15 22.80 0.16 0.03 6.42 What is the 99% confidence interval for the coefficient beta1 ?

Explanation / Answer

here for 10 degree of freedom and 99% confidence criical value of t =3.169

therefore 99% confidence inteval for coefficient beta1 =estimate -/+ t*standard error

=0.16 -/+3.169*0.03=0.065 ; 0.255

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