(Round Intermediate calculations to at least 4 decimal places.) House price y is
ID: 3227452 • Letter: #
Question
(Round Intermediate calculations to at least 4 decimal places.) House price y is estimated as a function of the square footage of a house x and a dummy variable d that equals 1 if the house has ocean views. The estimated house price, measured in $1,000s, is given by y^hat = 118.59 + 0.18 x + 52.31 d. Compute the predicted price (in $1,000s) of a house with ocean views and square footage of 1, 900. (Round your answer to 2 decimal places.) Predicted price _____ Compute the predicted price (in $1,000s) of a house with ocean views and square footage of 2, 900. (Round your answer to 2 decimal places.) Predicted price _________ Compute the predicted price (in $1,000s) of a house without ocean views and square footage of 1, 900, (Round your answer to 2 decimal places.) Predicted price _______ Compute the predicted price (in $1,000s) of a house without ocean views and square footage of 2.900, (Round your answer to 2 decimal places.) Predicted price _______Explanation / Answer
y^ = 118.59 + 0.18x + 52.31d
a-1) d = 1
x = 1900
y^ = 118.59 + 0.18 * 1900 + 52.31 * 1 = 512.9
a-2) d = 1
x = 2900
y^ = 118.59 + 0.18 * 2900 + 52.31 * 1 = 692.9
b-1) d = 0
x = 1900
y^ = 118.59 + 0.18 * 1900 + 52.31 * 0 = 460.59
b-2) d = 0
x = 2900
y^ = 118.59 + 0.18 * 2900 + 52.31 * 0 = 640.59
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