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and the least-squares regression line was given as in (price) = 2.08 +0.11(size). Based on the model, which of the following is closest to the predicted selling price for a house with a size of 3,200 square feet? $54,500 B) $270,000 $354,000 $398,000 E $560,000

and the least-squares regression line was given as in (price) = 2.08 +0.11(size). Based on the model, which of the following is closest to the predicted selling price for a house with a size of 3,200 square feet? $54,500 B) $270,000 $354,000 $398,000 E $560,000

MATLAB: An Introduction with Applications
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 real estate agent wants to predict the selling price of single-family homes from the size of each house. A scatterplot created from a sample of houses shows an exponential relationship between price, in thousands of dollars, and size, in 100 square feet. To create a linear model, the natural logarithm of price was taken and the least-squares regression line was given as tn (price) = 2.08 +0.11(size). Based on the model, which of the following is closest to the predicted selling price for a house with a size of 3,200 square feet? A) $54,500 B) $270,000 c) $354,000 $398,000 E $560,000
Transcribed Image Text:A real estate agent wants to predict the selling price of single-family homes from the size of each house. A scatterplot created from a sample of houses shows an exponential relationship between price, in thousands of dollars, and size, in 100 square feet. To create a linear model, the natural logarithm of price was taken and the least-squares regression line was given as tn (price) = 2.08 +0.11(size). Based on the model, which of the following is closest to the predicted selling price for a house with a size of 3,200 square feet? A) $54,500 B) $270,000 c) $354,000 $398,000 E $560,000
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