A county real estate appraiser wants to develop statistical model to predict the

Question

A county real estate appraiser wants to develop statistical model to predict the appraised value of houses in a section of the country called East Meadow. One of the many variable through to be an important predictor of appraised value is the number of rooms in the house. Consequenfly, the appraiser decided to fit the simple linear regression model, where y = appraised value of the house (in $thousand) and x = number of rooms. Using data collected for sample of n = 74 houses in East Meadow, the following sample regression line was found: Assuming that this equation is usful for prediction, give a practical interpretation of the estimate of the slope of the least squares line.

Explanation / Answer

for each additiona dllar in the house, we estiamte the appraised value to increase $20960

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