One of the factors that determines the price of a house is the longitude coordinate of the house. For example, the house price in Penrith with a longitude of 150.69° E can be cheaper than the house price in Watson Bay with the longitude of 151.28° E.

Suppose the simple regression equation to predict the price of a house (in $'000) based on its longitude (in ° E) is given by:
Price = -501,000 + 3,327 Longitude

Predict the price of a house with a longitude of 151.01 ° E

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To predict the price of a house with a longitude of 15101 E using the giv... View the full answer