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Suppose we are investigating the selling prices of homes in Athens, Georgia and some predictors for the selling price. For y = selling price in
Suppose we are investigating the selling prices of homes in Athens, Georgia and some predictors for the selling price. For y = selling price in dollars and x = size of house in square feet, V = 8956 + 76.6X. (a) How much do you predict a house would sell for if it has (i) two thousand square feet? $ (whole number, no comma) (ii) three thousand square feet? $ (whole number, no comma) (b) Using results in (a), explain how to interpret the slope. For each increase of 1000 square feet, the price of a home decreases by approximately $76,600. 0 For each increase of 1000 square feet, the predicted, or typical price of a home increases by $76,600. For each increase of one square foot, the price of a home increases on average by $76,600. For each increase of one square foot, the price of a home is expected to decrease by $76,600. (c) Is the correlation between these variables positive or negative? Why? positive a ; As square feet increases, price tends to increase a (d) One home that is three thousand square feet sold for $300,000. Find the residual. $ (whole number, no comma)
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