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Use the following to answer the questions below:A quantitatively savvy, young couple is interested ...

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2 months ago
Use the following to answer the questions below:

A quantitatively savvy, young couple is interested in purchasing a home in northern New York. They collected data on 48 houses that had recently sold in the area. They want to predict the selling price of homes (in thousands of dollars) based on the size of the home (in square feet).

The regression equation is Price (in thousands) = 17.1 + 0.0643 Size (sq. ft.)

 Predictor Coef SE Coef T P Constant 17.06 24.59 0.69 0.491 Size (sq. ft.) 0.06427 0.01224 5.25 0.000
S = 48.5733   R-Sq = 37.5%        R-Sq(adj) = 36.1%

Predicted Values for New Observations

 Size (sq. ft.) Fit SE Fit 95% CI 95% PI 2000 145.61 7.07 (131.38, 159.83) (46.80, 244.41)

Use the equation of the least squares line to predict the selling price of a home that is 1,742 square feet in size.

▸ $115,582 ▸$299,000

▸ $129,111 ▸$143,773
Textbook

Statistics: Unlocking the Power of Data

Edition: 3rd
Authors:
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jaimielaviejaimielavie
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