18. We want to study the relationship between size (sq. m) and the price of houses. We randomly chose 25 houses and recorded the size and price of them. The excel output for the data is given below: Regression statistics: Multiple R: 0.586378154 R Square: 0.343839339 Adjusted R Square: 0.315310615 Standard Error: 34761.73162 Observations: 25 df SS MS F SignificanceF Regression 1 14563843876 1.46E+10 12.05239 0.0020659 Residual 23 27792693660 1.21E+09 Total 24 42356537536 Coefficients StandardError T stat P-value lower95% upper95% Lower95.0% upper95.0% Intercept 189769.0334 28557.61831 6.645128 8.85E-07 130693.1 248844.968 130693.1 248844.968 Size (sq.meter) 444.1951525 127.9490924 3.471655 0.002066 179.51229 708.878016 179.51229 708.878016 Write down your answers to (a)-(c) in the box below. Give your answers to 4 decimal places. Write down 95% confidence interval for the slope of the relationship between price and size. We want to study whether there is any relationship between price and size of a house at 0.05 significance level. Write down the p-value of the test. We expect that bigger the house the higher the price. We want to do this test at 0.05 significance level. Write down the p-value of the test the p-value of the test?
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
18.
We want to study the relationship between size (sq. m) and the price of houses. We randomly chose 25 houses and recorded the size and price of them. The excel output for the data is given below:
Regression statistics:
Multiple R: 0.586378154
R Square: 0.343839339
Adjusted R Square: 0.315310615
Standard Error: 34761.73162
Observations: 25
| df | SS | MS | F | SignificanceF | |
| Regression | 1 | 14563843876 | 1.46E+10 | 12.05239 | 0.0020659 |
| Residual | 23 | 27792693660 | 1.21E+09 | ||
| Total | 24 | 42356537536 |
| Coefficients | StandardError | T stat | P-value | lower95% | upper95% | Lower95.0% | upper95.0% | |
| Intercept | 189769.0334 | 28557.61831 | 6.645128 | 8.85E-07 | 130693.1 | 248844.968 | 130693.1 | 248844.968 |
| Size (sq.meter) | 444.1951525 | 127.9490924 | 3.471655 | 0.002066 | 179.51229 | 708.878016 | 179.51229 | 708.878016 |
Write down your answers to (a)-(c) in the box below. Give your answers to 4 decimal places.
-
Write down 95% confidence interval for the slope of the relationship between price and size.
-
We want to study whether there is any relationship between price and size of a house at 0.05 significance level. Write down the p-value of the test.
-
We expect that bigger the house the higher the price. We want to do this test at 0.05 significance level. Write down the p-value of the test the p-value of the test?
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