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.

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 1,300-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)

The regression equation using size as the x-variable and property taxes as y-variable in regression method of Data analysis toolpak in excel

Property taxes = 6754.554 + size*6.7764

b)

the slope is 6.78 (the coefficient of size).

It means as the size increases by 1 square foot the property taxes increase by 6.78.

answer is b

c)

when size = 1300

property taxes = 6754.554 + 6.78*1300

=15563.87 dollars

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.