Question

Consider the equation given by y = 47.82 + 0.061x, where x is the size of...

Consider the equation given by y = 47.82 + 0.061x, where x is the size of a home and y is the price of a home.

(a) Explain what the slope of the line says about housing prices and house size.

(b) What price would you expect for a 3000-square-foot house in this market? (Round to the hundredths place.)

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Answer #1

Solution:

The equation given is:

(a) Explain what the slope of the line says about housing prices and house size.

Answer: The slope is 0.061, it means for every one-unit increase in the size of a home, the price of the home is expected to be increased by 0.061 unit.

(b) What price would you expect for a 3000-square-foot house in this market? (Round to the hundredths place.)

Answer:

  

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