Calculate the coefficient of determination

Assignment Help Econometrics
Reference no: EM13213303

In a study of housing demand, the county assessor is interested in developing a regression model to estimate the market value (i.e., selling price) of residential property within her jurisdiction. The assessor feels that the most important variable affecting selling price (measured in thousands of dollars) is the size of house (measured in hundreds of square feet). She randomly selected 15 houses and measured both the selling price and size, as shown in the following table: Observation (i) Selling Price (x $1,000) (Y) Size (x100 square ft)x? 1 265.2 12.0 2 279.6 20.2 3 311.2 27.0 4 328.0 30.0 5 352.0 30.0 6 281.2 21.4 7 288.4 21.6 8 292.8 25.2 9 356.0 37.2 10 263.2 14.4 11 272.4 15.0 12 291.2 22.4 13 299.6 23.9 14 307.6 26.6 15 320.4 30.7 a. Plot the data b. Determine the estimated regression line. Give an economic interpretation of the estimated slob (b) coefficient. c. Determine whether size is a statistically significant variable in estimating selling price d. Calculate the coefficient of determination e. Perform an F-test of the overall significance of the results f. Construct an approximate 98 percent prediction interval for the selling price of a house having an area (size) of 15 (hundred) square feet

Reference no: EM13213303

Questions Cloud

Explain the mass of khp that will require : Estimate the mass of KHP that will require 25 mL of 0.10 M NaOH to reach the equivalence point in a titration.
What would be the effect on wages and rents in a : Suppose that A is a small open economy that takes world prices as given. What would be the effect on wages and rents in A if it were to experience an inflow of foreign capital Use a diagram to explain your answer. Which groups would favor this cap..
Find the volume if zinc coating the thickness of zinc : Find the volume if Zinc Coating(both sides) the thickness of Zinc Coating in cm (both sides) and the thickness of Zinc Coating in cm (one side)?
Change the maximum mortgage : How would this change the maximum mortgage and home price they can afford?
Calculate the coefficient of determination : In a study of housing demand, the county assessor is interested in developing a regression model to estimate the market value (i.e., selling price) of residential property within her jurisdiction. The assessor feels that the most important variabl..
Find out the enthalpy of the reaction : Determine the enthalpy of the reaction. Assume that the density and the specific heat of the solution are the same as water. Incude the correct sign.
Explain which alternative should management select : the blair company's three assembly plants are located in california, georgia, and new jersey. previously, the company purchased a major subassembly, which becomes part of the final product, from an outside firm. blair has decided to manufacture th..
Determine the estimated regression line : a study housing demand, county assessor interested developing a regression model estimate market (i.e., selling price) residential property this jurisdiction. The assessor feels important variable affecting selling price (measured thousands dollar..
Explain what is the resultant pressure if mol of ideal gas : What is the resultant pressure if 3.7 mol of ideal gas at 273 K and 1.97atm in a closed container of constant volume is heated to 446 K.

Reviews

Write a Review

Econometrics Questions & Answers

  Design a simple econometric research project

Design a simple econometric research project

  Multiplicative decomposition method

Multiplicative decomposition method

  Market for cigarettes

The Australian government administers two programs that affect the market for cigarettes.

  Solve the forecast model

Solve the forecast model

  What are the marginal abatement cost functions

What are the marginal abatement cost functions for each of the two areas? Calculate the loss in the two areas due to over-control (for the rural area) and under-control (for the urban area).

  Write the t statistic for testing the null hypothesis

Explain why this model violates the assumption of no perfect collinearity.  Write the t statistic for testing the null hypothesis

  What is economics system

What is economics system? What are the types of economics system? Briefly explain each type of economics system by giving examples of nations that are close to each type

  Multiple choice questions related to market concentration

Determine when a competitively produced product generates negative externalities in production, the industry will,

  Calculating number of units produced by firm

Assume a company has the following production function: Q = 100 K.5 L1 . Currently, the company hires 1,000 workers and employs 100 units of capital.

  Question about mobile commerce

M-commerce also known as mobile commerce is being lumped in with several strategic internet plans. Explain some of the industries that are likely to use mobile commerce and how it is working for them.

  Calculating the average days past due and average flow time

Auto Data manufactures custom engineering testing machine. The following 5-orders are currently in the design department:

  Mechanism of an english auction and second price auction

Briefly discuss the difference between mechanism of an oral or English auction and a Vickrey or second price auction.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd