A certain town is located approximately 25 miles east of a large city. The data organized below include the appraised value?(in thousands of?dollars), land area of the property in?acres, and?age, in?years, for a sample of 20 ?single-family homes located in the town. Develop a multiple linear regression model to predict appraised value based on land area of the property and?age, in years. Complete parts?(a) through?(f).
A certain town is located approximately 25 miles east of a large city. The data organized below include the appraised value (in thousands of dollars), land area of the property in acres, and age, in years, for a sample of 20 single-family homes located in the town. Develop a multiple linear regression model to predict appraised value based on land area of the property and age, in years. Complete parts (a) through (f). Click the icon to view the data table. PLEASE RUN SPSS OR STATCRUNCH TO OBTAIN THE REQUIRED DATA TO ANSWER THE QUESTIONS BELOW! Be prepared to RUN SPSS OR STATCRUNCH in other questions in this module tool i Data Table - X O A. The interpretation of bo has no practical meaning here because it would represent the estimated appraised value of a new house that has no land area. O B. The interpretation of bo has no practical meaning here because it would represent the estimated land area of a new house with no appraised value. O C. The interpretation of bo has no practical meaning here because it would represent the estimated age of a house with no land area and no appraised value. Appraised Value Property Size Age d. Predict the appraised value for a house that has a land area of 0.35 acres and is 35 years old. 469.7 0.2248 44 $ thousand 361.9 0.2169 60 426.3 0.1678 20 (Round to two decimal places as needed.) 540.7 0.4605 17 409.4 0.2555 41 e. Construct a 95% confidence interval estimate for the the mean appraised value for houses that have a land area of 0.35 acres and is 35 years old. 373.4 0.2231 86 $ thousand s mean appraised value s $ thousand 318.3 0. 1867 45 749.8 0.5073 8 (Round to one decimal place as needed.) 213.8 0.2251 60 634.9 0.1326 15 f. Construct a 95% prediction interval estimate for the the individual appraised value for houses that have a land area of 0.35 acres and is 35 years old. 349.5 0.1702 50 $ thousand s individual appraised value s $ thousand 353.8 0.4218 44 351.2 0.2529 40 (Round to one decimal place as needed.) 272.1 0.1188 11 300.2 0. 1681 62 More 285.3 0.1755 59 391.6 0.3893 42 618.3 0.6586 49 Click to select your answer(s) and then click Check Answer. 310.3 0.1717 53 (? 361.5 0.1478 80 All parts showing Clear All nswerA certain town is located approximately 25 miles east of a large city. The data organized below include the appraised value (in thousands of dollars), land area of the property in acres, and age, in years, for a sample of 20 single-family homes located in the town. Develop a multiple linear regression model to predict appraised value based on land area of the property and age, in years. Complete parts (a) through (f). Click the icon to view the data table. PLEASE RUN SPSS OR STATCRUNCH TO OBTAIN THE REQUIRED DATA TO ANSWER THE QUESTIONS BELOW! Be prepared to RUN SPSS OR STATCRUNCH in other questions in this module tool a. State the multiple regression equation. Let X1; represent the land area of the property in acres and let X2; age, in years. Yi = 392.9491 + (479.3680 ) X1; + (-2.5910 ) X2i (Round to four decimal places as needed.) b. Interpret the meaning of the slopes, by and b2, in this problem. Choose the correct answer below. O A. For a given age, each increase of 1 acre in land area is estimated to result in an increase in appraised value by 1000b, dollars. For a given land area, each increase in one year in age is estimated to result in a decrease in appraised value by 1000b2 dollars. O B. For a given age, each increase of 1 acre in land area is estimated to result in an increase in appraised value by by dollars. For a given land area, each increase in one year in age is estimated to result in a decrease in appraised value by b2 dollars. O C. For a given age, each increase of 1 acre in land area is estimated to result in an increase in appraised value by by dollars. For a given land area, each increase in one year in age is estimated to result in a decrease in appraised value by by dollars. c. Explain why the regression coefficient, bo, has no practical meaning in the context of this problem. O A. The interpretation of bo has no practical meaning here because it would represent the estimated appraised value of a new house that has no land area
