how well does regression fit data? Give warning when not to use. SUMMARY OUTPUT

Question

how well does regression fit data? Give warning when not to use.

SUMMARY OUTPUT Regression Statistics Multiple R 0.9881915 R Square 0.97652243 Adjusted R Square 0.97624944 Standard Error 25521.2075 Observations 88 ANOVA df SS MS F Significance F Regression 1 2.32986E+12 2.32986E+12 3577.071 7.52581E-72 Residual 86 56014554598 651332030.2 Total 87 2.38588E+12 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept 1235600.66 13774.93024 89.69923151 9.57E-87 1208217.002 1262984.3 1208217.002 1262984.312 X Variable 1 -25647.2413 428.8218275 -59.80861902 7.53E-72 -26499.71089 -24794.77 -26499.71089 -24794.77173

Explanation / Answer

r-squared is 0.97652243 which means that 97.65 % of the variation in dependent variable is explained for by the independent variable.

Also, we can see that the independent variable is significant at 0.05 significance because it has a p-value of 0.00.

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