House prices are subject to a variety of economic factors but are, to some extent, based on
Question:
House prices are subject to a variety of economic factors but are, to some extent, based on the living area of the house. Analysts examined the recent sales of 1000 homes and found the correlation to be 0.79. After examining a scatterplot, they decide a linear model is appropriate and fit a regression model to predict House Price ($) from Living Area (sq. ft.).
a) What units does the slope have?
b) What is the R2 value for the model?
c) What would you predict about the Price of a house that is two standard deviations larger in Living Area than the mean?
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a The slope has units corresponding to a change in y ...View the full answer
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Related Book For 
Business Statistics
ISBN: 9780133899122
3rd Canadian Edition
Authors: Norean D. Sharpe, Richard D. De Veaux, Paul F. Velleman, David Wright
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