# This dataset contains the listed prices (in thousands of dollars) and the number of square feet for 28 homes in

## Question:

(a) Give a 95% confidence interval for the fixed cost (the portion of the cost that does not change with the size of the home) associated with these home prices, along with a brief interpretation.

(b) Give a 95% confidence interval for the marginal costs (the cost that is related to number of square feet), along with a brief interpretation.

(c) How much might a buyer pay, per square foot, for a specific home with 3,000 square feet in the Seattle area? Give a range, rounded appropriately, to show the buyer.

(d) How much in total might a buyer pay for a 3,000-square-foot home in the Seattle area? Give a range, rounded appropriately, to show the buyer.

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## Step by Step Answer:

**Related Book For**

## Statistics For Business Decision Making And Analysis

**ISBN:** 9780321890269

2nd Edition

**Authors:** Robert Stine, Dean Foster

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