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hello, I am having difficulty figuring out this question in my business statistics class. Please help! Please be as detailed as possible so that I
hello, I am having difficulty figuring out this question in my business statistics class. Please help! Please be as detailed as possible so that I know the steps to take to solve other similar questions
The estimated regression equation for a model involving two independent variables and 15 observations is:
yhat = 30.13 - 0.58X1 + 2.54X2
Other statistics produced for analysis include: SSR = 7120.3, SST = 7835.5, Sb1 = 0.08, Sb2 = 0.32.
- Interpret b1 and b2 in this estimated regression equation
- Predict y when X1 = 50 and X2 = 120.
- Compute R and Ra.
- Comment about the goodness of fit of the model.
- Compute MSR and MSE.
- Compute F and use it to test whether the overall model is significant using a p-value (α = 0.05).
- Perform a t test for the significance of β1. Use a level of significance of 0.05.
- Perform a t test for the significance of β2. Use a level of significance of 0.05.