Real Estate Agents from Coldwell Banker are interested in using land area to pre

Question

Real Estate Agents from Coldwell Banker are interested in using land area to predict the selling price of the corresponding house. R-sq = R-Sq (adj) = 46041.0 14.6% 14.3% SE Coef PredictorCoef Constant 136157 22.71 0.000 Land Area 45.212 6.599 6.85 0.000 Using the MiniTab output above, determine the expression for the line of best fit LandArea = 45.212 + 136157 * SellingPrice SellingPrice = 45.212 + 136157 * LandArea SellingPrice = 136157 + 45.212 * LandArea LandArea 136157 + 45.212 * SellingPrice

Explanation / Answer

Ans:

Line of best fit or regression equation:

y'=a+bx

where,

b=slope

a=y-intercept

x is the perdictor i.e. land area and y is the response variable i.e. selling price.

slope cofficient from above table is,b=45.212

y-intercept,a=136157

Hence,line of best fit will be:

Selling price=136157+45.212*landArea

Third Option is correct.

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