A real estate dealer believes that the percentage of lower status of the populat
ID: 3320641 • Letter: A
Question
A real estate dealer believes that the percentage of lower status of the population determines the median value of owner-occupied homes in $1000's (thousands of dollars). Below is the Excel regression analysis and the descriptive statisitics.
SUMMARY OUTPUT LSTAT Mean 12.5513 Regression Statistics Standard Error Multiple R R Square Adjusted R Square Standard Error Observations 0.7013582 Median 12.22 0.4919034 Standard Deviation5.97303 35.6771 1.98 29.93 60 0.4831431 Sample Variance 4.0451905 Minimum 60 Maximum Count ANOVA df Significance F sS 918.8390112 918.839 56.1515 949.0868222 16.3636 1867.925833 MS Regression Residual Total 4.34178E-10 58 59 Coefficients 28.934231 0.6606919 Standard Error t Stat P-value Lower 95% Intercept LSTAT 1.223678105 23.6453 1.8E-31 26.48477335 0.0881694767.49343 4.3E-10 0.837182303 The proportion of variation (Coefficient of Determination) in Median value of owner-occupied homes that can be explained by the linear relationship with the Percentage of lower status of the population isExplanation / Answer
Answer
0.4919
Interpretation: 49.19% of the variation in Median value of owner-occupied homes that can be explained by the linear relationship with the Percentage of lower status of the population.
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