Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help with question B. A regression analysis of 117 homes for sale produced the following model, where price is in thousands of dollars and

Please help with question B.

image text in transcribed
A regression analysis of 117 homes for sale produced the following model, where price is in thousands of dollars and size is in square feet. Price = 4181 + 0.064(Size) a) Explain what the slope of the line says about housing prices and house size. b) What price would you predict for a 33000-squarefoot house in this market? c}A real estate agent shows a potential buyer a 1100squarefoot house, saying that the asking price is $5500 less than what one would expect to pay for a house of this size. What is the asking price, and what is the $5500 called? 3} Explain what the slope of the line says about housing prices and house size. For every $1000 increase in price of a house, the size is predicted to increase by 0.064 square feet. For every additional square foot of area of a house, the price is predicted to increase by $64. For every additional square foot of area of a house, the price is predicted to increase by $0.064. For every $1 increase in price of a house, the size is predicted to increase by 64 square feet. b] What price would you predict for a 3000squarefoot house in this market? $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Introduction To Health Care Management

Authors: Sharon B. Buchbinder, Nancy H. Shanks

3rd Edition

128408101X, 9781284081015

Students also viewed these Mathematics questions

Question

What are the four temperament types included in Pavlovs system?

Answered: 1 week ago