Top Posters
Since Sunday
k
4
4
c
4
M
3
t
3
i
3
B
3
k
3
m
3
c
3
o
3
l
3
New Topic  
cc84sc cc84sc
wrote...
Posts: 140
Rep: 0 0
3 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.

VariableMeanStDev
Price (in thousands)140.8660.78
Age78.6944.71
The regression equation is Price (in thousands) = 193 - 0.665 Age

Analysis of Variance

SourceDFSSMSFP
Regression1415804158014.490.000
Residual Error461320252870
Total47173605
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.


Construct and interpret a 95% interval for the selling price of a single 92-year-old home.

▸ 22.77 to 240.88
We are 95% sure that selling price of a 92-year-old home is between $22,770 and $240,880.

▸ 22.77 to 240.88
We are 95% sure that the mean selling price of all 92-year-old homes is between $22,770 and $240,880.

▸ 115.57 to 148.07
We are 95% sure that selling price of a 92-year-old home is between $115,570 and $148,070.

▸ 115.57 to 148.07
We are 95% sure that the mean selling price of all 92-year-old homes is between $115,570 and $148,070.
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
anitasaganitasag
wrote...
Posts: 155
Rep: 1 0
3 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

cc84sc Author
wrote...

3 weeks ago
This site is awesome
wrote...

Yesterday
Thanks for your help!!
wrote...

2 hours ago
Smart ... Thanks!
New Topic      
Explore
Post your homework questions and get free online help from our incredible volunteers
  965 People Browsing
Related Images
  
 1674
  
 947
  
 428
Your Opinion
Which industry do you think artificial intelligence (AI) will impact the most?
Votes: 380

Previous poll results: Where do you get your textbooks?