How successful is the regression equation in explaining food-processing expenditures?
Table 12.5.9 shows some of the results of a multiple regression analysis to explain money spent on home food-processing equipment (Y) based on income (X1), education (X2), and money spent on sporting equipment (X3). All money variables represent total dollars for the past year; education is in years. There are 20 cases. a. How much would you expect a person to spend on food-processing equipment if he or she earns $25,000 per year, has 14 years of education, and spent $292 on sporting equipment last year? b. How successful is the regression equation in explaining food-processing expenditures? In particular, which statistic in the results should you look at? c. To within approximately what accuracy (in dollars per year) can predictions of food-processing expenditures be made for the people in this study? d. For each of the three X variables, state whether it has a significant effect on food-processing expenditures or not (after adjusting for the other X variables and assuming that the F test is significant).
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