Please see the following problem. ABC>ABC>ABC>ABC>ABC>ABC> (b) Estimate the line

Question

Please see the following problem.

ABC>ABC>ABC>ABC>ABC>ABC>

(b) Estimate the linear equation using least squares. Interpret the fitted intercept and slope. Be sure to include their units. Note if either estimate represents a large extrapolation and is consequently not reliable. Complete the equation for the fitted line below. Estimated Price ($000)= 70.351 + 0.147 Size (Square Feet) Round to three decimal places as needed.) What is the correct interpretation of the intercept? Select the correct choice below and fill in the answer box(es) within your choice. (Round to three decimal places as needed.) 0 A. The intercept of 1 thousand dollars represents the average cost of the land. B· The intercept is I thousand dollars per square foot. For every one square foot increase, average prices increase by thousand dollars. ° C. The intercept of 0 D. The intercept is thousand dollars is a large extrapolation and not directly interpretable square feet per thousand dollars. For every thousand dollar increase, average size increases by square feet.

Explanation / Answer

Answer is C

The intercept of 70.351 thousand dollar is a large extrapolation and not directly interpretable.

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