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Coefficient for cars produced this year

Assignment Help Basic Statistics
Reference no: EM131320117

Answer questions (a) through (e) using the following information and output for multiple regression

The production of car tires in any given year is related to the number of cars produced that year and in prior years. Suppose our econometric model resulted in the following data.

 

Regression Coefficient

t-Statistic

p-Value

X1 = Cars Produced This Year

5.00

10.4

0.0000

X2 = Cars Produced Last Year

0.25

0.6

0.5499

X3 = Cars Produced 2 Years Ago

0.67

1.4

0.1646

X4 = Cars Produced 3 Years Ago

2.12

2.7

0.0081

X5 = Cars Produced 4 Years Ago

3.44

6.5

0.0000

Constant

-50,000

 

 

Multiple R

0.83

 

 

R Squared

?

 

 

1. Why is the coefficient for "cars produced this year" a positive number?

2. Which is the most statistically significant variable? What evidence shows this?

3. Which is the least statistically significant variable? What evidence shows this?

4. For a 0.05 level of significance, should any variable be dropped from this model? Why or why not?

5. What is the R Squared Value? What is the interpretation?

Reference no: EM131320117

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