please explain with an example. Call:1m (formula = priceM2 - age + distMet + latitude + longitude,data = RealEstate)Residuals:10 Median-33.069 -5.343 -1.050Min304.410 71.305МаxCoefficients:t value-0.563EstimateStd. ErrorPr (>|t|)0.573(Intercept)Age-3.650e+036.478e+031.22e-09 **9.88e-16 **1.13e-08 **-2.526e-014.060e-02-6.221distMet-5.875e-037.027e-04-8.361latitude2.714e+024.655e+015.830longitude-2.532e+015.120e+01-0.4950.621Signif. codes: 0 ***** 0.001 '*** 0.01 '** 0.05 '.' 0.1''1Residual standard error: 9.355 on 409 degrees of freedomMultiple R-squared: 0.5319, Adjusted R-squared: 0.5273F-statistic: 116.2 on 4 and 409 DF, p-value: < 2.2e-16f) A new variable is added to the model which is longitude of the residence. Summary output is givenabove. What do you think of the new model? Do you think this variable should be added to the model,

Please find step by step solution below:

Call: lm(formula = priceM2 - age + distMet + latitude + longitude, data = RealEstate) Residuals: 30 10 Median -33.069 -5.343 -1.050 4.410 71.305 Min Маx Coefficients: Estimate -3.650e+03 Std. Error 6.478e+03 t value -0.563 -6.221 Pr (>|t|) 0.573 (Intercept) 1.22e-09 *** 9.88e-16 *** 1.13e-08 *** 0.621 -2.526e-01 4.060e-02 Age distMet -5.875e-03 7.027e-04 -8.361 latitude 2.714e+02 4.655e+01 5.830 longitude -2.532e+01 5.120e+01 -0.495 Signif. codes: 0 ***** 0.001 '*** 0.01 * 0.05 '.' 0.1''1 Residual standard error: 9.355 on 409 degrees of freedom Multiple R-squared: 0.5319, Adjusted R-squared: 0.5273 F-statistic: 116.2 on 4 and 409 DF, p-value: < 2.2e-16 f) A new variable is added to the model which is longitude of the residence. Summary output is given above. What do you think of the new model? Do you think this variable should be added to the model,

Call: lm(formula = priceM2 - age + distMet + latitude + longitude, data = RealEstate) Residuals: 30 10 Median -33.069 -5.343 -1.050 4.410 71.305 Min Маx Coefficients: Estimate -3.650e+03 Std. Error 6.478e+03 t value -0.563 -6.221 Pr (>|t|) 0.573 (Intercept) 1.22e-09 * 9.88e-16 * 1.13e-08 * 0.621 -2.526e-01 4.060e-02 Age distMet -5.875e-03 7.027e-04 -8.361 latitude 2.714e+02 4.655e+01 5.830 longitude -2.532e+01 5.120e+01 -0.495 Signif. codes: 0 * 0.001 '* 0.01 * 0.05 '.' 0.1''1 Residual standard error: 9.355 on 409 degrees of freedom Multiple R-squared: 0.5319, Adjusted R-squared: 0.5273 F-statistic: 116.2 on 4 and 409 DF, p-value: < 2.2e-16 f) A new variable is added to the model which is longitude of the residence. Summary output is given above. What do you think of the new model? Do you think this variable should be added to the model,

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter2: Functions And Graphs

Section2.3: Linear Functions And Slope

Problem 106E

See similar textbooks