A multiple regression is shown for a data set of yachts where the dependent variable is the price in thousands of dollars. Given this information, which of the following is true regarding the slope coefficient for Age, where Age represents how many years old the yacht is?
A) On average the price of the yacht falls by $1.778 per year.
B) On average the yacht is 1.778 years older per $1000 price change.
C) On average the price of the yacht falls by $1778 per year.
D) On average the price of the yacht increases by $1778 per year.

Question

A multiple regression is shown for a data set of yachts where the dependent variable is the price in thousands of dollars.  Given this information, which of the following is true regarding the slope coefficient for Age, where Age represents how many years old the yacht is?
A) On average the price of the yacht falls by $1.778 per year. 
B) On average the yacht is 1.778 years older per $1000 price change. 
C) On average the price of the yacht falls by $1778 per year. 
D) On average the price of the yacht increases by $1778 per year.

Quizplus · Accepted Answer

The Answer of A multiple regression is shown for a data set of yachts where the dependent variable is the price in thousands of dollars.  Given this information, which of the following is true regarding the slope coefficient for Age, where Age represents how many years old the yacht is?
A) On average the price of the yacht falls by $1.778 per year. 
B) On average the yacht is 1.778 years older per $1000 price change. 
C) On average the price of the yacht falls by $1778 per year. 
D) On average the price of the yacht increases by $1778 per year.

A Multiple Regression Is Shown for a Data Set of Yachts