A realtor used the regression model, y = beta_0 + beta_1 x 1 + beta_2 x 2 + epsi

Question

A realtor used the regression model, y = beta_0 + beta_1 x 1 + beta_2 x 2 + epsilon, to predict selling prices of homes (in thousands of $) in a Columbus suburb. The variable x_1 represents the home size (square feet), and x_2 represents the number of bedrooms. The following Excel partial output is available. If you conduct a test for the overall significance of the model at a 1 % significance level, the critical value for this test is About 95% 7.56 1.96 About 111 A realtor used the regression model, y = beta_0 + beta_1 x 1 + beta_2 x 2 + epsilon, to predict selling prices of homes (in thousands of $) in a Columbus suburb. The variable x_1 represents the home size (square feet), and x_2 represents the number of bedrooms. The following Excel partial output is available.

Explanation / Answer

Answer:Optin (B) = 7.56

The critical values is obtained by

from F-tables, LOS alpha = 1%, n1 = 2 df and n2 = 10

or

In Excel

=FINV(0.01,2,10)

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