28 May Question The given information can be summarised as follows: SUMMARY OUTPUT
Question
The given information can be summarised as follows:
SUMMARY OUTPUT
| Dependent Variable | E (Total earnings per year) |
| Number of Observations | 15 |
| R-Square | 0.8311 |
| F-ratio | 63.96 |
| p- Value | 0.0001 |
Note that R2, known as the coefficient of determination of the model, provide the explanatory power of the model. R2 = 0.8311 means that 83.11% of the variations in the model can be explained by the explanatory variable (the number of tickets sold in December in the present problem).
The F value of a regression equation provides idea about the overall significance of the regression model. The p value of the F ratio can be explained as the probability of wrongly rejecting the statistical significance. Hence, lower p values for a statistic (less than 0.05 in the case of 5% level test) indicate high statistical significance. Since the p –value is given as 0.0001 the model is statistically significant.
REGRESSION
| Coefficient | Standard Error | T-Ratio | p- value | |
| Intercept | 25042000.00 | 20131000.00 | 1.24 | 0.2369 |
| N | 32.31 | 8.54 | 3.78 | 0.0023 |
The t value of a regression coefficient and the corresponding p value provide idea about the statistical significance of the regression coefficients.
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