Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer all parts of the question. No need to show work. Information for a random sample of homes for sale in a certain region

Please answer all parts of the question. No need to show work.

image text in transcribedimage text in transcribed
Information for a random sample of homes for sale in a certain region was obtained from the Internet. Regression output modeling the Asking Price with Square Footage and number of Bathrooms gave the following result. Complete parts a through d. i Click the icon to view the regression output. . . . . . a) Write the regression equation. Choose the correct answer below. O A. Price = 85,559 + 40,617Baths + 40.82Sqft O B. Price = - 150,440 + 9293Baths + 130.52Sqft O C. Price = - 150,440 + 130.52Baths + 9293Sqft O D. Price = 85,559 + 40.82Baths + 40,617Sqft b) How much of the variation in home asking prices is accounted for by the model? % (Type an integer or decimal rounded to one decimal place as needed.) c) Explain in context what the coefficient of Square Footage means. For homes asking price on average, by about per square foot. d) The owner of a construction firm, upon seeing this model, objects. He says that when he adds another bathroom, it increases the value. Is it true that the number of bathrooms is unrelated to house price, as indicated by the model? (Hint: Do you think bigger houses have more bathrooms?) Select all that apply. A. For houses of the same size, those with more bathrooms are not priced significantly higher. This model should not be used for predicting the change in price if a bathroom is added. B. This objection shows that the model must be incorrect. C. The number of bathrooms is probably associated with the size of the house, so the number of bathrooms is not a significant predictor of price. D. Since the model says that the number of bathrooms is insignificant, this must be true.Dependent Variable is: Asking Price s = 66919 R-Sq = 69.7% R-Sq (adj) = 63.0% Predictor Coeff SE(Coeff) T P-value Intercept - 150440 85559 - 1.76 0.113 Baths 9293 40617 0.23 0.824 Sq ft 130.52 40.82 3.20 0.011 Analysis of Variance Source DF SS MS P-value Regression 2 92685197597 46342598799 10.35 0.005 Residual 9 40303517293 4478168588 Total 11 1.32989E+11

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of Complex Analysis With Applications To Engineering And Science

Authors: Edward B Saff, Arthur D Snider

3rd Edition

0321997506, 9780321997500

More Books

Students also viewed these Mathematics questions

Question

What is a social role? (p. 30)

Answered: 1 week ago