8. One home that is 1,750 square feet is listed at $590,000 . Is this home's price above or below average for a home of this size? Use residuals and show your work to answer
8. One home that is 1,750 square feet is listed at $590,000 . Is this home's price above or below average for a home of this size? Use residuals and show your work to answer
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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8. One home that is 1,750 square feet is listed at $590,000 . Is this home's price above or below average for a home of this size? Use residuals and show your work to answer.
Transcribed Image Text:footage<-c(1561,1818,1421,1488,1356,1430,1881,1253,1300,1500,1806,1777,1995)
price<-c(425,489,379,499,299,380,560,429,524.9,429.9,580,459,665)
xyplot(price-footage,
xlab
"square Footage",
ylab="Asking price($000)",
type=c("p","r"))
![600
500
400
300
1400
1600
1800
2000
square Footage
cor(price, footage)
## [1] 0.7088847
pricemodel<-1m(price~footage)
msummary(pricemodel)
Estimate Std. Error t value Pr(> |t|)
##
## (Intercept)
## footage
21.14411 136.31449
0.155 0.87954
0.28388
0.08516 3.333 0.00667 **
#2#
## Residual standard error: 71.64 on 11 degrees of freedom
## Multiple R-squared: 0.5025, Adjusted R-squared: 0.4573
## F-statistic: 11.11 on 1 and 11 DF, p-value: 0.006671
Asking price($000)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F98f5226a-b4a7-4e09-9c85-1c6d3988e70c%2F53a9168f-d1dd-4d25-870f-deadcd8e1db1%2F870z4r_processed.jpeg&w=3840&q=75)
Transcribed Image Text:600
500
400
300
1400
1600
1800
2000
square Footage
cor(price, footage)
## [1] 0.7088847
pricemodel<-1m(price~footage)
msummary(pricemodel)
Estimate Std. Error t value Pr(> |t|)
##
## (Intercept)
## footage
21.14411 136.31449
0.155 0.87954
0.28388
0.08516 3.333 0.00667 **
#2#
## Residual standard error: 71.64 on 11 degrees of freedom
## Multiple R-squared: 0.5025, Adjusted R-squared: 0.4573
## F-statistic: 11.11 on 1 and 11 DF, p-value: 0.006671
Asking price($000)
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