Top Posters
Since Sunday
New Topic  
rbowen87 rbowen87
Posts: 136
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 houses that had recently sold in the area. They want to predict the selling price of homes (in thousands of dollars) based on the age of the home (in years). Some summary statistics, partial regression output, and a scatterplot of the relationship (with regression line) are provided.

Use two decimal places when reporting the results from any calculations, unless otherwise specified.

Price (in thousands)140.8660.78
The regression equation is Price (in thousands) = 193 - 0.665 Age

Analysis of Variance

Residual Error461320252870
A scatterplot with a regression line shows the relationship between Age and Price. The horizontal axis is labeled, Age and ranges from 0 to 200 in increments of 50. The vertical axis is labeled, Price (in thousands) and has markings from 50 to 350 in increments of 50. A regression line starts from (10, 180), decreases toward the right, and ends at (185, 70). 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, 10 to 185 on the horizontal axis and between the points, 60 to 340 on the vertical axis. The concentration of the dots is more between the points 30 and 150 on the horizontal axis and between the points, 60 and 200 on the vertical axis. Two outliers are at the point, (3250, 345), and (3470, 160). All values are approximate.

Is the linear model effective at predicting the selling price of homes in this portion of northern New York? Use the provided computer output (and α = 0.05) for this test.

▸ Yes

▸ No
Statistics: Unlocking the Power of Data

Statistics: Unlocking the Power of Data

Edition: 3rd
Read 11 times
1 Reply
Answer verified by a subject expert
Posts: 157
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

Related Topics

rbowen87 Author

2 weeks ago
This calls for a celebration Person Raising Both Hands in Celebration

Helped a lot

2 hours ago
This site is awesome
New Topic      
Post your homework questions and get free online help from our incredible volunteers
  676 People Browsing
Related Images