The accompanying table shows a portion of a data set that refers to the size of
ID: 3324748 • Letter: T
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.
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.)
Predict the property taxes for a 1,600-square-foot home. (Round your answer to 2 decimal places.)
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.
Explanation / Answer
a] Coefficients
Term Coef SE Coef T-Value P-Value VIF
Constant 5930 3934 1.51 0.149
size 7.03 1.39 5.07 0.000 1.00
Regression Equation
property taxes = 5930 + 7.03 size
b] As Property Taxes increase by 1 dollar, the size of the house increases by 7.03 ft.
c] taxes = 1600
property taxes = 5930 + 7.03 size
property taxes = 5930 + 7.03 *1600
property taxes =17
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