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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 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.

 Variable Mean StDev Price (in thousands) 140.86 60.78 Age 78.69 44.71
The regression equation is Price (in thousands) = 193 - 0.665 Age

Analysis of Variance

 Source DF SS MS F P Regression 1 41580 41580 14.49 0.000 Residual Error 46 132025 2870 ​ ​ Total 47 173605 ​ ​ ​

Use the following output to identify and interpret a 95% interval for the selling price of a 50-year-old house in this portion of northern New York.

Predicted Values for New Observations

 Age Fit SE Fit 95% CI 95% PI 50 159.94 9.22 (141.39, 178.49) (50.52, 269.36)

▸ CI: (141.39, 178.49)
We are 95% sure that the mean selling price of all 50-year-old homes in this portion of northern New York is between $141,390 and$178,490.

▸ CI: (141.39, 178.49)
We are 95% sure that the selling price of a 50-year-old house in this portion of northern New York is between $141,390 and$178,490.

▸ PI: (50.52, 269.36)
We are 95% sure that the selling price of a 50-year-old house in this portion of northern New York is between $50,520 and$269,360.

▸ We are 95% sure that the mean selling price of all 50-year-old homes in this portion of northern New York is between $50,520 and$269,360.
Textbook

## Statistics: Unlocking the Power of Data

Edition: 3rd
Authors:
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