A county real estate appraiser wants to develop a statistical model to predict the appraised value of houses in a section of the county called East Meadow. One of the manyvariables thought to be an important predictor of appraised value is the number of rooms in the house. Consequently, the appraiser decided to fit the simple linear regressionmodel, y = b₁x + bowhere y = appraised value of the house (in $thousands) and x = number of rooms. Using data collected for a sample of n=74 houses in East Meadow, thefollowing results were obtained:y=74.80+ 17.80xGive a practical interpretation of the estimate of the slope of the least squares line.For each additional room in the house, we estimate the appraised value to increase $74,800.1000For each additional dollar of appraised value, we estimate the number of rooms in the house to increase by 17.80 rooms.For a house with 0 rooms, we estimate the appraised value to be $74,800.For each additional room in the house, we estimate the appraised value to increase $17,800.

The given regression equation is y^=74.80+17.80x.

Answered: A county real estate appraiser wants to…

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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A county real estate appraiser wants to develop a statistical model to predict the appraised value of houses in a section of the county called East Meadow. One of the many variables thought to be an important predictor of appraised value is the number of rooms in the house. Consequently, the appraiser decided to fit the simple linear regression model, y = b₁x + bowhere y = appraised value of the house (in $thousands) and x = number of rooms. Using data collected for a sample of n=74 houses in East Meadow, the following results were obtained: y = 74.80 + 17.80x Give a practical interpretation of the estimate of the slope of the least squares line. For each additional room in the house, we estimate the appraised value to increase $74,800. For each additional dollar of appraised value, we estimate the number of rooms in the house to increase by 17.80 rooms. For a house with O rooms, we estimate the appraised value to be $74,800. For each additional room in the house, we estimate the…
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