The accompanying table shows a portion of a data set that refers to the size of

Question

The accompanying table shows a portion of a data set that refers to the size of a home (in square feet) and its property taxes owed by the owner (in $) in an affluent suburb 30 miles outside New York City the Excel Data Size (in square feet) 2,446 2,521 1,732 1,039 5,633 2,523 2,163 1,938 2,061 1,267 1,306 3,034 2,880 3,376 1,491 3,943 3,930 2,390 3,511 2,828 Property Taxes 21,922 17,362 18,285 15,662 43,973 33,629 15,195 16,693 18,247 16,036 15,163 36,002 31,043 42,063 14,432 38,914 25,383 22,991 16,236 29,263 a. Determine the sample regression equation that enables us to predict property taxes on the basis of the size of the home. (Round your answers to 2 decimal places.) ro perty laxes, Size

Explanation / Answer

Here we have given the data for property taxes and size.

a) Here we have to find regression equation.

This we can done using MINITAB.

steps :

Enter all the data in MINITAB sheet --> STAT --> Regression --> Regression -->Response : property taxes --> Predictors : size --> Results : select second option --> ok --> ok

The regression equation is
property taxes = 6051 + 6.86 size

b) Interpret the slope coefficient.

As size increase by 1 square foot the property taxes are predicted to increase by $6.86.

c) Given that size = 1300 square foot home then property taxes = ?

property taxes = 6051 + 6.86 size

Property taxes = 6051 + 6.86*1300 = 14969

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