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 d area of the property and age, in years. Complete parts (a) through (f). Click the icon to view the data table EASE 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 too! State the multiple regression equation. Let X1; represent the land area of the property in acres and let X2; age, in years. [+() X1 + ()X21 ound to four decimal places as needed.) Interpret the meaning of the slopes, b, and b2, 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 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 b2 dollars. B. 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. C. For a given age, each increase of 1 acre in land area is estimated to result in an increase in appraised value by b2 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. Explain why the regression coefficient, bo, has no practical meaning in the context of this problem. X Data Table A. 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. 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. Appraised C. 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. Value Property Size Age 467.2 0.2216 40 366.7 0.2157 51 Predict the appraised value for a house that has a land area of 0.35 acres and is 40 years old. 420.7 0.1658 22 543.1 0.4627 12 thousand 406.2 0.2586 47 ound to two decimal places as needed.) 376.2 0.2251 89 312.7 0.1828 45 744.3 0.5048 10 213.2 0.2244 50 635.7 0.1383 15 348.1 0.1727 55 357.5 0.4265 48 353.2 0.2577 43 273.7 0.1186 18 304.7 0.1626 68 282.3 0.1735 51 399.8 0.3856 49 617.2 0.6517 41 318.7 0.1798 55 360.1 0.1416 75
