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SCENARIO 18-2 One of the Most Common Questions of Prospective House Buyers

Question 156

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SCENARIO 18-2
One of the most common questions of prospective house buyers pertains to the cost of heating in dollars (Y) . To provide its customers with information on that matter, a large real estate firm used the following 4 variables to predict heating costs: the daily minimum outside temperature in degrees of Fahrenheit ( X1 ) , the amount of insulation in inches ( X 2 ) , the number of windows in the house ( X3 ) , and the age of the furnace in years ( X 4 ) . Given below are the EXCEL outputs of two regression models.
SCENARIO 18-2 One of the most common questions of prospective house buyers pertains to the cost of heating in dollars (Y) . To provide its customers with information on that matter, a large real estate firm used the following 4 variables to predict heating costs: the daily minimum outside temperature in degrees of Fahrenheit ( X<sub>1</sub> ) , the amount of insulation in inches ( X <sub>2</sub> ) , the number of windows in the house ( X<sub>3</sub> ) , and the age of the furnace in years ( X <sub>4</sub> ) . Given below are the EXCEL outputs of two regression models. -Referring to Scenario 18-1,what fraction of the variability in house size is explained by income,size of family,and education? A) 27.0% B) 33.4% C) 74.8% D) 86.5%
SCENARIO 18-2 One of the most common questions of prospective house buyers pertains to the cost of heating in dollars (Y) . To provide its customers with information on that matter, a large real estate firm used the following 4 variables to predict heating costs: the daily minimum outside temperature in degrees of Fahrenheit ( X<sub>1</sub> ) , the amount of insulation in inches ( X <sub>2</sub> ) , the number of windows in the house ( X<sub>3</sub> ) , and the age of the furnace in years ( X <sub>4</sub> ) . Given below are the EXCEL outputs of two regression models. -Referring to Scenario 18-1,what fraction of the variability in house size is explained by income,size of family,and education? A) 27.0% B) 33.4% C) 74.8% D) 86.5%
-Referring to Scenario 18-1,what fraction of the variability in house size is explained by income,size of family,and education?


A) 27.0%
B) 33.4%
C) 74.8%
D) 86.5%

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