Develop a multilinear regression model for estimating the the market value as a
ID: 3056705 • Letter: D
Question
Develop a multilinear regression model for estimating the the market value as a function of both the age and size of a house that is 5 years old and 2800 sq feet. What is it's estimated market value?
Home Market Value House Age Square Feet Market Value 33 1,812 $90,000.00 32 1,914 $104,400.00 32 1,842 $93,300.00 33 1,812 $91,000.00 32 1,836 $101,900.00 33 2,028 $108,500.00 32 1,732 $87,600.00 33 1,850 $96,000.00 32 1,791 $89,200.00 33 1,666 $88,400.00 32 1,852 $100,800.00 32 1,620 $96,700.00 32 1,692 $87,500.00 32 2,372 $114,000.00 32 2,372 $113,200.00 33 1,666 $87,500.00 32 2,123 $116,100.00 32 1,620 $94,700.00 32 1,731 $86,400.00 32 1,666 $87,100.00 28 1,520 $83,400.00 27 1,484 $79,800.00 28 1,588 $81,500.00 28 1,598 $87,100.00 28 1,484 $82,600.00 28 1,484 $78,800.00 28 1,520 $87,600.00 27 1,701 $94,200.00 28 1,484 $82,000.00 28 1,468 $88,100.00 28 1,520 $88,100.00 27 1,520 $88,600.00 27 1,484 $76,600.00 28 1,520 $84,400.00 27 1,668 $90,900.00 28 1,588 $81,000.00 28 1,784 $91,300.00 27 1,484 $81,300.00 27 1,520 $100,700.00 28 1,520 $87,200.00 27 1,684 $96,700.00 27 1,581 $120,700.00Explanation / Answer
Using MINITAB, The regressuion equation is
The regression equation is
Market Value = 47331 - 825 House Age + 40.9 Square Feet
The estimating the the market value as a function of both the age and size of a house that is 5 years old and 2800 sq feetis
Market value = 47331 - 825(5) + 40.9 (2800) = $157726
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