Question: Janice Carrilio, a Gainesvile, Florida, reat estate developer, has devised a regression model to help determine residential housing prices in northeastem Florida. The model was
Janice Carrilio, a Gainesvile, Florida, reat estate developer, has devised a regression model to help determine residential housing prices in northeastem Florida. The model was developed using recent sales in a particular nelghborhood. The price (Y) of the house is based on the size (scuare footage =X ) of the house. The model is: Y=13,473+37,65X The ccefficient of correlation for the mosel is 0.63 a) Using the above model, the selling price of a house that is 1,860 square feat = : (enter a wholo numbor). b) A 1,850-square-foot house rocentfy sold for $90,000, which is different than the predicted value. This is as the forecast represents value. c) To make this model more realistic, additional quantlative variables that could be included in a multiple regression modet are (select the cheice that has all the factors that are quantflable) A. The age of the house, the location of the house, and the size of the garage. B. The size of the lot, the number of bedrooms, and the layout of the rooms c. The age of the house, the number of bedrooms, and the wize of the lot. d) For the given model, the valive of the coofticient of determination * (round your response to three decimal places)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
