The House Selling Prices FL data file on the text CD lists selling prices of homes in Gainesville, Florida, in 2003 and some predictors for the selling price For the response variable y selling price in thousands of dollars and the explanatory variable x size of house in thousands of square feet, 9 2 77 0x a How much do you predict a house would sell for if it has (i) 2000 square feet, (ii) 3000 square feet b Using results in part a, explain how to interpret the slope c Is the correlation between these variables positive or negative Why d One home that is 3000 square feet sold for $300,000 Find the residual, and interpret

Question: The House Selling Prices FL data file on the text CD lists selling prices of homes in Gainesville, Florida, in 2003 and some predictors for

The House Selling Prices FL data file on the text CD lists selling prices of homes in Gainesville, Florida, in 2003 and some predictors for the selling price. For the response variable y = selling price in thousands of dollars and the explanatory variable x = size of house in thousands of square feet, ŷ = 9.2 + 77.0x.
a. How much do you predict a house would sell for if it has (i) 2000 square feet, (ii) 3000 square feet?
b. Using results in part a, explain how to interpret the slope.
c. Is the correlation between these variables positive or negative? Why?
d. One home that is 3000 square feet sold for $300,000 Find the residual, and interpret.

Step by Step Solution

★★★★★

3.39 Rating (161 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a i 92770x 927702 1632 we would therefore predict that that a house with two thousand square feet wo... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

531-M-S-L-R (4053).docx

120 KBs Word File

Students Have Also Explored These Related Statistics Questions!

For the House Selling Prices FL data file on the text CD, MINITAB results of a regression analysis are shown for 100 homes relating y = selling price (in dollars) to x = the size of the house (in...

The House Selling Prices FL data file on the text CD has several predictors of house selling prices. The table here shows the ANOVA table for a regression analysis of y = the selling price (in...

For the House Selling Prices FL data set on the text CD, when we regress y = selling price (in dollars) on x = number of bedrooms, we get the results shown in the printout. a. One home with three...

Use the House Selling Prices OR data file on the text CD to regress selling price in thousands on house size and whether the house has a garage. a. Report the prediction equation. Find and interpret...

This chapter has considered many aspects of regression analysis. Lets consider several of them at once by using software with the House Selling Prices OR data file on the text CD to conduct a...

12.44 Predicting house prices The House Selling Prices FL data file on the books website has several predictors of house selling prices. The table here shows the ANOVA table for a regression analysis...

Refer to the House Selling Price OR data file on the text CD. a. Set up an indicator variable for whether a house has a garage or not. Using software, put this as the sole predictor of house selling...

12.12 Predicting house prices For the House Selling Prices FL data file on the books website, MINITAB results of a regression analysis are shown for 100 homes relating y = selling price (in dollars)...

6. [l12 Points] 0/2 Submissions Used PRACTICE ANOTHER Suppose we are investigating the selling prices of homes in Athens, Georgia and some predictors for the selling price. For y = selling price in...

please show work to help me understand the HW, and ill leave a like! You currently own a home in Eastville, Oregon, and want to put your house on the mar- ket. You're not in any particular hurry to...

Why could a review of savings deposit balances be important when reviewing a banks financial statements?

Find the determinants in Exercise 1 - 2 where 1. 2. 7 cfi adg c fi 5 9 3d 3f

Use the TVM Calculator to solve the following compound interest problem. Round your result to two decimal places as needed. You invest $ 16 , 000 in an account. The interest is compounded monthly for...

Master Me., Inc., contracted with Ace Coaputer Repair Corp. to maintain Masters computer system. Master's manufacturing process depends on its computer system operating properly at all times. A...

In kidney transplantations, compatibility between donor and receiver depends on such factors as blood type and antigens. Suppose that for a randomly selected donor from a large national kidney...

Refer to the previous exercise. Let the random variable X = number of compatible donors. Check the conditions for X to be binomial by answering parts ac. a. What constitutes a trial, how many trials...

We are considering buying a parcel of land that has been zoned for multifamily housing. We have determined that the best use of this land is to build condominiums. Our first decision involves the...

A company has a price to earnings ratio of 16 , total earnings (net income) of $426 million and 100 million shares of common stock outstanding. Its stock price is $ (please use or round to 2 decimal...

Question 8: Which of the following two statements is correct? S1: When the currency of a country depreciates relative to other currencies, the country will likely export more of its goods abroad. S2:...