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 (). EFF Click the Icon to view the data lable. PLEASE RUN SPSS OR STATCRUNCH TO OBTAIN THE REQUIRED DATA TO ANSWER THE QUESTIONS BELOW Do prepared to RUN SPSS OR STATCRUNCH In other questions In this module tool a. State the multiple regression equation. Let X,; represent the land area of the property in acres and let Xy age, in years. (Round to four decimal places as needed.) b. Interpret the meaning of the slopes, b, and by, In this problem. Choose the correct answer below. 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 1000b, 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 b, dollars. O G. For a given age, each Increase of 1 acre in land area is estimated to result in an Increase in appraised value by b, 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. - X O A. The interpretation of by has no practical meaning here because it would represent the estimated age of a house with no land area and no appraised value, Data Table B. The interpretation of Do has no practical meaning here because it would represent the estimated appraised value of a new house that has no land area. D O C. The interpretation of be has no practical meaning here because it would represent the estimated land area of a new house with no appraised value. Appraised Value Property Size Age d. Predict the appraised value for a house that has a land area of 0.25 acres and is 45 years old. 460.9 0.2277 48 367.6 02106 55 sthousand 426.1 0.1604 28 (Round to two decimal places as needed.) 545.2 0.4603 16 409.9 0.2544 47 371.5 0.2261 90 310.8 0.1883 44 745.9 0.5017 1 216.9 0.2244 58 630.6 0.1358 20 350.8 0.1745 51 355.5 0.4242 49 355.5 0.2526 45 271.1 0.1181 20 301.9 0.1641 61 281.3 0.1761 57 393.2 0.3816 50 612.3 0.6572 310.6 0.1736 55 361.7 0.1482 76
