Interactive Statistics Q.13.1

13.1 Suppose that 100 recent residential sales of houses in a city are used to fit a least squares regression line relating the sale price, y (in dollars), to the amount of living space, x (in hundreds of square feet). Houses in the sample range from 1500 square feet to 3500 square feet. The resulting least squares equation is y = -30,000 + 7000x. (a) Can you estimate the mean sale price of a 3000-square-foot house? If yes, give the estimate. If no, explain why not. (b) Can you estimate the mean sale price of a 5000-square-foot house? If yes, give the estimate. If no, explain why not