0.76. The least squares line is Price = 8400 + 88.67 Size. 1. You go to...

  

Transcribed Image Text:

0.76. The least squares line is Price = 8400 + 88.67 Size. 1. You go to an open house and find that the house is 1 SD above the mean Sie How many SDs above the mean Price would you predict it to cost? 2. You read an ad for a house that's 2 SDs below the mean Size. What would voi. guess about its price? 3. A friend tells you about a house whose Size in square meters (he's European) is 1.5 standard deviations above the mean. What would you guess about its Size in square feet? 4. Suppose the standard deviation of the house Prices is $77,000. How much more expensive than the mean Price would you predict for the house in Part 1 (that's one SD above the mean in Size)? 5. Suppose the mean Price of all these houses is $168,000. What is the predicted Price for the house in Part 4 that's one SD above the mean in Size? 6. The mean Size of the houses is 1800 sq ft. and the standard deviation is 660 sq ft. Predict the Price of a 2460 sq ft. house (1 SD above the mean) using the least squares equation in the original units to verify that you get the same prediction as in Part 5. 0.76. The least squares line is Price = 8400 + 88.67 Size. 1. You go to an open house and find that the house is 1 SD above the mean Sie How many SDs above the mean Price would you predict it to cost? 2. You read an ad for a house that's 2 SDs below the mean Size. What would voi. guess about its price? 3. A friend tells you about a house whose Size in square meters (he's European) is 1.5 standard deviations above the mean. What would you guess about its Size in square feet? 4. Suppose the standard deviation of the house Prices is $77,000. How much more expensive than the mean Price would you predict for the house in Part 1 (that's one SD above the mean in Size)? 5. Suppose the mean Price of all these houses is $168,000. What is the predicted Price for the house in Part 4 that's one SD above the mean in Size? 6. The mean Size of the houses is 1800 sq ft. and the standard deviation is 660 sq ft. Predict the Price of a 2460 sq ft. house (1 SD above the mean) using the least squares equation in the original units to verify that you get the same prediction as in Part 5.

Answer rating: 100% (QA)

Given price 84008867 Size lets consider the value y Size x the number will be 84008867 this equation ... View the full answer