Top Posters
Since Sunday
New Topic  
Lettucebereal Lettucebereal
wrote...
Posts: 155
Rep: 0 0
2 weeks 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.)

PredictorCoefSE CoefTP
Constant17.0624.590.690.491
Size (sq. ft.)0.064270.012245.250.000
S = 48.5733   R-Sq = 37.5%        R-Sq(adj) = 36.1%

Predicted Values for New Observations

Size (sq. ft.)FitSE Fit95% CI95% PI
2000145.617.07(131.38, 159.83)(46.80, 244.41)

A scatterplot with a regression line shows the relationship between size and price. The horizontal axis is labeled, Size (square feet) and has markings from 1000 to 3500 in increments of 500. The vertical axis is labeled, Price (in thousands) and has markings from 100 to 350 in increments of 50. A regression line starts from (900, 80), increases toward the right, and ends at (3500, 230). The dots are randomly scattered, such that a few dots lie above the regression line, a few dots lie below the regression line, and a few dots lie on the regression line. The dots are plotted between the points, 900 to 3500 on the horizontal axis and between the points, 40 to 340 on the vertical axis. The concentration of the dots is more between the points 900 and 3000 on the horizontal axis and between the points, 40 and 250 on the vertical axis. Two outliers are at the point, (3250, 345), and (3470, 160). All values are approximate.


Use the computer output to provide and interpret a 95% interval for the mean selling price of all 2,000 square foot houses in this portion of northern New York.

▸ PI: (46.80, 244.41)
We are 95% sure that the mean selling price of all 2,000 square foot houses in this portion of northern New York is between $46,800 and $244,410.

▸ PI: (46.80, 244.41)
We are 95% sure that the selling price of a 2,000 square foot house in this portion of northern New York is between $46,800 and $244,410.

▸ CI: (131.38, 159.83)
We are 95% sure that the mean selling price of all 2,000 square foot houses in this portion of northern New York is between $131,380 and $159,830.

▸ CI: (131.38, 159.83)
We are 95% sure that the selling price of a 2,000 square foot house in this portion of northern New York is between $131,380 and $159,830.
Textbook 
Statistics: Unlocking the Power of Data

Statistics: Unlocking the Power of Data


Edition: 3rd
Authors:
Read 13 times
1 Reply
Replies
Answer verified by a subject expert
kady_kelsey2kady_kelsey2
wrote...
Posts: 161
Rep: 0 0
2 weeks ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

Lettucebereal Author
wrote...

2 weeks ago
Smart ... Thanks!
wrote...

Yesterday
Thanks
wrote...

2 hours ago
Brilliant
New Topic      
Explore
Post your homework questions and get free online help from our incredible volunteers
  789 People Browsing
Related Images
  
 527
  
 910
  
 314
Your Opinion
What's your favorite math subject?
Votes: 315