Question

Suppose that 32 residential home sales in a city are used to fit a least-squares regression...

Suppose that 32 residential home sales in a city are used to fit a least-squares regression line relating the sales price, y, to the square feet of living space, x. The sampled homes range from 150 square feet to 400 square feet. The resulting prediction equation is

Y=15,000+300∗SQFT

Predict the price of a house that has 300 square feet.

Math   Statistics-And-Probability   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Suppose that 32 residential home sales in a city are used to fit a least-squares regression line relating the sales price, y, to the square feet of living space, x.

The sampled homes range from 150 square feet to 400 square feet.

The resulting prediction equation is

Y=15,000+300∗SQFT

Predict the price of a house that has 300 square feet.

SQFT = 300

Y=15,000+300∗SQFT

Y=15,000+300∗300

= 15000 + 90000

= 105000

The price of a house that has 300 square feet is 105000.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Suppose that a simple linear regression model is appropriate for describing the relationship between y =...
Suppose that a simple linear regression model is appropriate for describing the relationship between y = house price (in dollars) and x = house size (in square feet) for houses in a large city. The population regression line is y = 22,500 + 46x and σ = 5,000. (a) What is the average change in price associated with one extra sq. ft of space? $ What is the average change in price associated with an additional 100 sq. ft of...
A realty company in Phoenix, Arizona is interested in analyzing how the square footage (Sqft), and...
A realty company in Phoenix, Arizona is interested in analyzing how the square footage (Sqft), and number of bedrooms (Bedrooms) influence a home’s sales price in dollars (Price). They collected data on homes that recently sold using Truilia.com and Zillow.com and used it to obtain the following estimated regression equations: Model 1:  Priceˆ=44328.28 + 67.12Sqft + 5,589.20Bedrooms, Se = 4,450, R2 = 0.25 Model 2: ln(Price)ˆ=11.02 + 0.0005Sqft + 0.0910 Bedrooms, Se =0.276 , R2 = 0.288 Model 3: Priceˆ=77,958.20+8,952ln(Sqft)+7,588.99Bedrooms,Se =...
A random sample of records of sales of homes on Montana gives the price and size...
A random sample of records of sales of homes on Montana gives the price and size (in square feet) of 117 houses. The regression analysis gives the model y=47,800+60x for predicting the price from the size of the house. a) Explain what the slope of the line says about housing prices and house size. b) What price would you predict for a 3000-square-foot house in this market? c) A real estate agent shows a potential buyer a 1200-square-foot home, saying...
1.A real estate analyst has developed a multiple regression line, y = 60 + 0.068 x1...
1.A real estate analyst has developed a multiple regression line, y = 60 + 0.068 x1 – 2.5 x2, to predict y = the market price of a home (in $1,000s), using two independent variables, x1 = the total number of square feet of living space, and x2 = the age of the house in years. With this regression model, the predicted price of a 10-year old home with 2,500 square feet of living area is __________. $205.00 $255,000.00 $200,000.00...
In this exercise, you will analyze the supply-demand equilibrium of a city under some special simplifying...
In this exercise, you will analyze the supply-demand equilibrium of a city under some special simplifying assumptions about land use. The assumptions are: (i) all dwellings must contain exactly 1,500 square feet of floor space, regardless of location, and (ii) apartment complexes must contain exactly 15,000 square feet of floor space per square block of land area. These land-use restrictions, which are imposed by a zoning authority, mean that dwelling sizes and building heights do not vary with distance to...
Note: This problem is for the 2018 tax year. David R. and Ella M. Cole (ages...
Note: This problem is for the 2018 tax year. David R. and Ella M. Cole (ages 39 and 38, respectively) are husband and wife who live at 1820 Elk Avenue, Denver, CO 80202. David is a self-employed consultant specializing in retail management, and Ella is a dental hygienist for a chain of dental clinics. David earned consulting fees of $145,000 in 2018. He maintains his own office and pays for all business expenses. The Coles are adequately covered by the...
Please answer the following Case analysis questions 1-How is New Balance performing compared to its primary...
Please answer the following Case analysis questions 1-How is New Balance performing compared to its primary rivals? How will the acquisition of Reebok by Adidas impact the structure of the athletic shoe industry? Is this likely to be favorable or unfavorable for New Balance? 2- What issues does New Balance management need to address? 3-What recommendations would you make to New Balance Management? What does New Balance need to do to continue to be successful? Should management continue to invest...
Delta airlines case study Global strategy. Describe the current global strategy and provide evidence about how...
Delta airlines case study Global strategy. Describe the current global strategy and provide evidence about how the firms resources incompetencies support the given pressures regarding costs and local responsiveness. Describe entry modes have they usually used, and whether they are appropriate for the given strategy. Any key issues in their global strategy? casestudy: Atlanta, June 17, 2014. Sea of Delta employees and their families swarmed between food trucks, amusement park booths, and entertainment venues that were scattered throughout what would...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT