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With an R-Square of 0.1075 and an F-Value of 120.27, How good is the overall fit...

With an R-Square of 0.1075 and an F-Value of 120.27, How good is the overall fit of the income determination model?

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Answer #1

R-square indicates the proportion of variation in the dependent variable explained by the set of independent variables.

On the other hand, the F-statistic denotes the significance of the model.

Low R-square indicates that there is still a lot of unexplained variation in the model. High value of F-statistic indicates might be because of the fact there are too many independent variables in the model and the number of observations are slightly higher than the number of independent variables. There is a possibility that the independent variables will be correlated i.e. multicollinearity is present.

So, on overall level, the model fit is poor.

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