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Statistics for business and economics
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The regressions Y = β0 + β1X1 + β2X2 + β3X3 + β4X4 + ε and Y = β0 + β1X1 + β2X2 + ε were run using a sample of 30 observations. The SSE for the first regression is 298.4 and 382.3 for the second regression. Test H0 : β3 = β4 = 0.
You are interested in determining the factors that determine the wealth of a person and assume that the age of a person may have a non-linear effect on wealth. You run the following regression:
Y = β0 + β1X1 + β2X2 + β3
The standard error of the estimate for a multiple regression model with two explanatory variables X1 and X2: