Asked by Karim Moukrem on May 08, 2024
Verified
{Silver Prices Narrative} Do these results allow us at the 5% significance level to conclude that the model is useful in predicting the price of silver?
Significance Level
The threshold used to determine the probability of rejecting the null hypothesis, often denoted by alpha (\(\alpha\)).
- Understand the importance and application of regression analysis in predicting outcomes based on independent variables.
- Understand the significance of ANOVA in confirming the validity of regression models.
Verified Answer
BC
Brittney CollinsMay 08, 2024
Final Answer :
H0: β1 = β2 = β3 = 0,H1: At least one βi is not equal to zero Rejection region: F > F.05,3,16 = 3.24 Test statistics: F = 6.626 Conclusion: Reject the null hypothesis.Yes,the model is useful in predicting the price of silver.
Learning Objectives
- Understand the importance and application of regression analysis in predicting outcomes based on independent variables.
- Understand the significance of ANOVA in confirming the validity of regression models.
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