1SUMMARY OUTPUT Regression Statistics 4 Multiple R 5 R Square 6 Adjusted R Squar

Question

1SUMMARY OUTPUT Regression Statistics 4 Multiple R 5 R Square 6 Adjusted R Square 7 Standard Error 8 Observations 0.638460684 0.407632045 0.407263543 1487710.983 3218 10 ANOVA df MS 4.8966E+15 2.4483E+15 1106.184945 SignificanceF 0 12 Regression 13 Residual 14 Total 3215 7.11571E+15 2.21328E+12 3217 1.20123E+16 Coefficients Standard Error t Stat 96341.99665 28196.73159 3.416778869 0.000641535 41056.60486 10.25948913 0.236961279 43.29605733 1.085354691 0.114119612 -9.510676352 3.58645E-21 -1.309109256 P-value Lower 95% 17 Intercept 18 BLDGS 19 LAND 20 21 0 9.794878644 Sheet2 Sheet1 + 100% al

Explanation / Answer

The given predicted regression model is:

y=96341.997 +10.26*BLDGS -1.085*LAND

Hence predicted total assessed value for a city block that has 10,000 square feet of commercial space and 50,000 square feet of land is given by

y=96341.997 +10.26*10000-1.085*50000

y=96341.997 +102600-54250

y=144692

Hence predicted total assessed value for a city block is $144692.

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