Assume You Ran a Multiple Regression to Gain a Better

Multiple Choice

Assume you ran a multiple regression to gain a better understanding of the relationship between lumber sales,housing starts,and commercial construction.The regression uses lumber sales (in $100,000s) as the response variable with housing starts (in 1000s) (in 1,000s) and commercial construction (in 1000s) (in 1,000s) as the explanatory variables.The estimated model is Lumber Sales = β₀ + β₁ Housing Starts + β₂Commercial Constructions + ε.The following ANOVA table summarizes a portion of the regression results. The explanatory variables (Housing Starts and Commercial Construction) together explained approximately _____% of the variations in the response variable (Lumber Sales) .

A) 18
B) 22
C) 78
D) 82