In this example we use the typical sales price of homes in a random sample of US

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In this example we use the typical sales price of homes in a random sample of US counties (recorded with units as $1000 per square foot) to predict the typical rental cost in the county (in units of $ per square foot) . y: The typical Rental Cost in the county (units: $ per square foot). x: The typical sales price of properties in the county (units: $1000 per square foot).

Assume the regression equation is y^=0.5+2.2x .

Assume one County has a typical sales price of properties at $233 per square foot. What is the predicted Rental Cost per square foot in this county?

Remember to be careful about the units on the explanatory variable x.

Posted Date: Jun 23, 2024 01:06 AM

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In this example we use the typical sales price of homes in a random sample of US

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