6. 0-118 points 0/2 Submissions Used Suppose we are investigating the s in squar

Question

6. 0-118 points 0/2 Submissions Used Suppose we are investigating the s in square feet, 880277.2x. elling prices of homes in Athens, Georgia and My some predictors for the selling price. For y - selling price in doilars and x - size of house (a) How much do you predict a house would sell for if it has (1) two thousand square feet? (whole number, no comma) (i) three thousand square feet? (whole number, no comma) (b) Using results in (a), explain how to interpret the slope. For each 1000 unit increase in square feet, the price of a home decreases by approximately $77,200. For each 1000 unit increase in square feet, the predicted, or typical price of a home increases by $77,200. For each 1 unit increase in square feet, the price of a home increases on average by $77,200. For each 1 unit increase in square feet, the price of a home is expected to decrease by $77,200. (c) Is the correlation between these variables positive or negative? Why? Select.. As square feet increases, price tends toSeiect (d) One home that is three thousand square feet sold for $300,000. Find the residual. (whole number, no comma) Your work in question(s) 5 will also be submitted or saved.

Explanation / Answer

a)

predicted price =8802+77.2*2000=163202

ii)

predicted price =8802+77.2*3000=240402

b)

for each 1000 unit increases in square feet ; the price of a home increases on average by 77200

c)

positive ; increase

d)

residual =actual -predicted =300000-240402 =59598

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