The data in this table were used in a regression analysis in StatCrunch. Size (S

Question

The data in this table were used in a regression analysis in StatCrunch. Size (Square Feet) Selling Price ($1000s) 2521 200 2555 226 2735 228 2846 235 3028 269 3049 275 3198 288 3198 255 Here is the output from this analysis: Simple linear regression results: Dependent Variable: Price Independent Variable: Size Price = –39.806084 + 0.099197954 Size Sample size: 8 R (correlation coefficient) = 0.9006 R–sq = 0.8110655 Estimate of error standard deviation: 13.936451

If a house is 2530 square feet in size, what will be its predicted selling price (in thousands of dollars)?

$200.19

$215.48

$213.23

$211.16

Explanation / Answer

For house is 2530 square feet in size, what will be its predicted selling price

Predicted Selling Price = –39.806084 + 0.099197954*2530

= 211.16

So, Selling Price would be $211.16 thousand

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