Question

Nassau County is located approximately 25 miles east of New York City. The data organized and stored in GlenCove include the fair market value (in $ thousands), land area of the property in acres, and age, in years, for a sample of 30 single ­family homes located in Glen Cove, a small city in Nassau County. Develop a multiple linear regression model to predict the fair market value based on land area of the property and age, in years.
a. State the multiple regression equation.
b. Interpret the meaning of the slopes, b1 and b2, in this problem.
c. E xplain why the regression coefficient, b0, has no practical meaning in the context of this problem.
d. Predict the mean fair market value for a house that has a land area of 0.25 acre and is 55 years old.
e. Construct a 95% confidence interval estimate for the mean fair market value for houses that have a land area of 0.25 acre and are 55 years old.
f. Construct a 95% prediction interval estimate for the fair market value for an individual house that has a land area of 0.25 acre and is 55 years old.


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  • CreatedJuly 16, 2015
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