a. State the multiple regression equation. Let X represent the land area of the property in acres and let X age, in years. 9 = 427.8088 + (44.9793|) X,, + ([-3.1740|) X21 (Round to four decimal places as needed.) b. Interpret the meaning of the slopes, b, and bą, in this problem. Choose the correct answer below. O A. For a given age, each increase of 1 acre in land area is estimated to result in an increase in appraised value by b, dollars. For a given land area, each increase in one year in age is estimated to result in a decrease in appraised value by b, dollars. B. For a given age, each increase of 1 acre in land area is estimated to result in an increase in appraised value by 1000b, dollars. For a given land area, each increase in one year in age is estimated to result in a decrease in appraised value by 1000bz dollars. OC. For a given age, each increase of 1 acre in land area is estimated to result in an increase in appraised value by b, dollars. For a given land area, each increase in one year in age is estimated to result in a decrease in appraised value by b, dollars. c. Explain why the regression coefficient, bo, has no practical meaning in the context of this problem. A. The interpretation of bo has no practical meaning here because it would represent the estimated appraised value of a new house that has no land area. B. The interpretation of b, has no practical meaning here because it would represent the estimated age of a house with no land area and no appraised value. OC. The interpretation of bo has no practical meaning here because it would represent the estimated land area of a new house with no appraised value.

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Confidence Intervals

When we calculate intervals in probability and statistics, it can be simply termed as finding out a confidence interval. The confidence interval is usually calculated from the data set which is observed. The value of the parameter that needs to be calculated is present here only.