Consider the Albuquerque home sales from Exercise 29 again. The regression analysis gives the model Price =
Question:
a) Explain what the slope of the line says about housing prices and house size.
b) What price would you predict for a 3000-square-foot house in this market?
c) A real estate agent shows a potential buyer a 1200-square-foot home, saying that the asking price is $6000 less than what one would expect to pay for a house of this size. What is the asking price, and what is the $6000 called?
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Related Book For
Stats Data And Models
ISBN: 662
4th Edition
Authors: Richard D. De Veaux, Paul D. Velleman, David E. Bock
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