Question

What is the relationship between the assessed value of houses and heating area of those houses? The file "House2", which is available in a separate item on this Blackboard page, contains the assessed value (in thousands of $) for a house and the square footage of heating area (in thousands of sq. ft.).

Using Excel create a simple linear regression to predict the value of a house using the square footage of heated area as the independent variable (in appropriate units, no scaling needs to be done to the data).

What is the numeric value of the slope (b₁) of this model? (Round your answer to 3 decimals).

File Home Insert DrawPage Layout Formulas Data Cut Calibri Paste Ib Copy Format Painter |ーr .. -. 0 Clipboard Font 2 Alig A1 | Assessed Value X '/ Assessed ValuelHeating Area Age 184.4 2.00 3.42 1.71 11.50 1.45 8.33 1.76 0.00 1.93 7.42 1.20 32.00 1.55 16.00 1.93 2.00 1.59 1.75 1.50 2.75 1.90 0.00 1.39 0.00 1.54 12.58 1.89 2.75 1.59 7.17 175.7 185.9 179.1 170.4 175.8 185.9 178.5 179.2 186.7 179.3 174.5 183.8 176.8 0 12 13 15 16 18 21 23 24 27

Using the model from problem #1 (the previous problem).

What is the numeric value of the y-intercept (b₀) of this model? (Round your answer to 3 decimals).

Answer 1

use excel for simple linear regression here dependent variable is Assesed value and independent variable is Heated area DATA DATA ANALYSIS Regression> first block select as y observation and for second block x observation> SUMMARY OUTPUT here blhat 16.633 Regression Statistics Multiple F 0.811996 R Square 0.659337 Adjusted I 0.633132 Standard 2.918928 Observati slope ANOVA MS gnificance F and Regressio Residual Total 1 214.3742 214.3742 25.16088 0.000236 13 110.7618 8.520139 14 325.136 intercept bo 151.915 15 estimated regression equation is yhat-b0+b1*x P-value Intercept 151.9153 5.562521 27.310527.23E-13 139.8982 163.9324 139.8982 163.9324 Heating A 16.63337 3.316021 5.016062 0.000236 9.46954123.79729.46954123.7972 coefficientandard Err Lower 95%Upper 95%ower 95.09 pper 95.0% t Stat yhat-151.915+(16.633%)