Question: Refer to Exercise 13.58. In another study involving the same 22 properties, PRICE was regressed on a single independent variable, LIST, which was the listing

Refer to Exercise 13.58. In another study involving the same 22 properties, PRICE was regressed on a single independent variable, LIST, which was the listing price of the property in thousands of dollars.

a. Fit a regression model and predict the selling price of a home that is listed at $ 70,000.
b. What is the chance that your prediction is off by more than $ 3,000?
In exercise

Property PRICE LIST 25750 29900 39900 46450 44900 4 4655047500 5 47950 49900 37950 49900 53000 54900 54900 55900 55900 56000 62000 62500 63900 66900 17 695 72500 49950 7 5245o 8 54050 54850 10 52050 12 13 14 53450 59510 60102 62050 18 22304 82254 19 81950 82900 99900 21 112450 117000 22 1270so 139000 20 70050 Property PRICE BATHS BEDA BEDBRDC CARA CA R AGE 23 7 1.0 1.0 2.5 LOTDOM 164 25750 37950 46450 46550 2.5 47950 49950 52450 54050 20 9680 1889 9 1941 315 61 234 116 162 80 1 8 1.5 1.5 2.5 1813 1583 1533 1667 5 3450 10 po 6 4 2 3 5 3 3 7 31113 13225222152222 0q00-000000000 00000010010011 0200040000 040 42430, 0 3 2 9 210 7 901234567890-2

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