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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)

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

▸ 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 selling price of a 2,000 square foot house 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 mean selling price of all 2,000 square foot houses in this portion of northern New York is between $131,380 and$159,830.

▸ 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.
Textbook

## Statistics: Unlocking the Power of Data

Edition: 3rd
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relisabethrelisabeth
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