Mathematics, 19.05.2021 18:20 lsizzle59
A county real estate appraiser wants to develop a statistical model to predict the appraised value of houses in a section of the county called East Meadow. One of the many variables thought to be an important predictor of appraised value is the number of rooms in the house. Consequently, the appraiser decided to fit the simple linear regression model:
E(y) = β0 + β1x,
where y = appraised value of the house (in thousands of dollars) and x = number of rooms. Using data collected for a sample of n = 74 houses in East Meadow, the following results were obtained:
= 74.80 + 19.84 x
Give a practical interpretation of the estimate of the slope of the least squares line.
For a house with 0 rooms, we estimate the appraised value to be $74,800.
For each additional room in the house, we estimate the appraised value to increase $74,800.
For each additional room in the house, we estimate the appraised value to increase $19,840.
For each additional dollar of appraised value, we estimate the number of rooms in the house to increase by 19.84.
Answers: 2
Mathematics, 21.06.2019 22:00
Type the correct answer in each box. spell all the words correctly, and use numerals instead of words for numbers. if necessary, use / for the fraction bar(s).
Answers: 1
Mathematics, 21.06.2019 22:30
Ineed big ! the cost of a school banquet is $25 plus $15 for each person attending. create a table, sketch the graph, and write an equation in slope-intercept and point-slope form that gives total cost as a function of the number of people attending. what is the cost for 77 people?
Answers: 1
A county real estate appraiser wants to develop a statistical model to predict the appraised value o...
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