Question
WILL DEFINITELY UPVOTE 23 A national homebuilder builds single-family homes and condominium-style townhouses. The homebuilder collects data on the selling price, lot cost, type of
WILL DEFINITELY UPVOTE
23
A national homebuilder builds single-family homes and condominium-style townhouses. The homebuilder collects data on the selling price, lot cost, type of home, and region of the country (M=Midwest, S=South) for closings during one month. Assume the following summary output is the result of the analysis of the homebuilder’s data.
SUMMARY OUTPUT | ||||||
Regression Statistics | ||||||
Multiple R | 0.81 | |||||
R Square | 0.66 | |||||
Adjusted R Square | 0.65 | |||||
Standard Error | 27256.33 | |||||
Observations | 105 | |||||
ANOVA | ||||||
df | SS | MS | F | Significance F | ||
Regression | 1.45474E+11 | 72737033727 | 1.85002E-24 | |||
Residual | 75776592133 | 742907766 | ||||
Total | 2.21251E+11 | |||||
Coefficients | Standard Error | t Stat | P-value | Lower 95% | Upper 95% | |
Intercept | 124078.08 | 9051.36 | 13.71 | 7.09992E-25 | 106124.75 | 142031.40 |
Lot Cost | 2.78 | 0.23 | 12.19 | 1.27124E-21 | 2.33 | 3.23 |
Townhouse | -47418.98 | 5915.42 | -8.02 | 1.88449E-12 | -59152.19 | -35685.77 |
What should the lot cost be if the predicted value of a family house was $250,000?
- A.
28,238.47
- B.
62,352.84
- C.
62,352.84
- D.
45,295.65
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