Real estate valuation. Refer to the real estate data set of Taiwan, Exercise 12.18 (p. 728). You

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Real estate valuation. Refer to the real estate data set of Taiwan, Exercise 12.18 (p. 728). You fit the first-order model, E1y2 = b0 + b1x1 + b2x2 + b3 x3, to the data, where y = the house price per unit area, x1 = house age (in years), x2 = distance to the nearest MRT station (in meters), and x3 = number of convenience stores around. Use the Excel printout below to predict, with 95% confidence, the house price per unit area of a 10-year-old house located at a distance of 100 meters from the nearest MRT station with five convenience stores around. Interpret the result. Data Confidence Level 90% 1 Age given value 10 MRT given value 100 Stores given value 5 For Average Predicted Y (YHat) Interval Half Width 1.0771 Confidence Interval Lower Limit 45.3209 Confidence Interval Upper Limit 47.4751 For Individual Response Y Interval Half Width 15.2896 Prediction Interval Lower Limit 31.1084 Prediction Interval Upper Limit 61.6876

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Statistics For Business And Economics

ISBN: 9781292413396

14th Global Edition

Authors: James McClave, P. Benson, Terry Sincich

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