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

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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)

What is the estimated slope in this regression model? Interpret the slope in context.

▸ 0.06427
For an increase of 1 square foot in the size of a recently sold house, the predicted selling price increases by $64.27. ▸ 17.1 For an increase of$1,000 in selling price the size of the house increases by 17.1 square feet .

▸ 17.1
For an increase of 1 square foot in the size of a recently sold house, the predicted selling price increases by $17.10. ▸ 0.06427 For an increase of$1,000 in selling price the size of the house increases by 64.27 square feet .
Textbook

## Statistics: Unlocking the Power of Data

Edition: 3rd
Authors:
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Gimor1220Gimor1220
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