c) Find the equation of the best-fitting line (the least squares regression equation). Round values to 2 decimal places. Include the restricted domain. equation: ? = restricted domain: dollars < X <= • Every time we increase Select an answer can expect Select an answer d) Interpret the slope from part c in the context of this problem. (Pay attention to the units) When Select an answer on average. Select an answer *X dollars. Hint: Your interpretation for the slope should be something like: Every time we increase (x) by (1) (unit), we can expect (y) to increase by (slope) (units). Just fill in the parts in parentheses with the information from this example. e) Interpret the Y-intercept from part c in the context of this problem. Include units. is ✓to be by to Select an answer by we we expect Does it make sense to interpret the Y-intercept on this problem? Why or why not? Select an answer Hint: Your interpretation for the y-intercept should be something like: When (x) is (0) (units), we expect (y) to be (y-intercept) (units). Again, just fill in the information from this particular example.
c) Find the equation of the best-fitting line (the least squares regression equation). Round values to 2 decimal places. Include the restricted domain. equation: ? = restricted domain: dollars < X <= • Every time we increase Select an answer can expect Select an answer d) Interpret the slope from part c in the context of this problem. (Pay attention to the units) When Select an answer on average. Select an answer *X dollars. Hint: Your interpretation for the slope should be something like: Every time we increase (x) by (1) (unit), we can expect (y) to increase by (slope) (units). Just fill in the parts in parentheses with the information from this example. e) Interpret the Y-intercept from part c in the context of this problem. Include units. is ✓to be by to Select an answer by we we expect Does it make sense to interpret the Y-intercept on this problem? Why or why not? Select an answer Hint: Your interpretation for the y-intercept should be something like: When (x) is (0) (units), we expect (y) to be (y-intercept) (units). Again, just fill in the information from this particular example.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
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The table below contains the value (in dollars) and the amount of annual rental income (in dollars) for a random sample of 42 houses.
| X, value (in dollars) | Y, annual rental income (in dollars) |
|---|---|
| 289000 | 11648 |
| 145000 | 8320 |
| 244500 | 11232 |
| 155000 | 7488 |
| 240000 | 12064 |
| 240000 | 10192 |
| 67500 | 6864 |
| 200000 | 10608 |
| 95000 | 7904 |
| 140000 | 9568 |
| 225000 | 12480 |
| 240000 | 11648 |
| 90000 | 6240 |
| 190000 | 8320 |
| 135000 | 7488 |
| 126000 | 6240 |
| 208000 | 10400 |
| 130000 | 9776 |
| 125000 | 7904 |
| 135000 | 8320 |
| 178000 | 11856 |
| 200000 | 12272 |
| 270000 | 12896 |
| 75000 | 7280 |
| 140000 | 9152 |
| 170000 | 12688 |
| 174000 | 10400 |
| 104000 | 7904 |
| 85000 | 7072 |
| 325000 | 12480 |
| 115000 | 7904 |
| 194000 | 11232 |
| 200000 | 10400 |
| 303000 | 12272 |
| 121000 | 12064 |
| 165000 | 13312 |
| 165000 | 8528 |
| 300000 | 12480 |
| 148000 | 8320 |
| 310000 | 12480 |
| 81000 | 6656 |
| 214000 | 8528 |
Transcribed Image Text:c) Find the equation of the best-fitting line (the least squares regression equation).
Round values to 2 decimal places.
Include the restricted domain.
equation: ? =
restricted domain:
dollars <= x <=
Every time we increase Select an answer
can expect Select an answer
d) Interpret the slope from part c in the context of this problem. (Pay attention to the units)
• When Select an answer
on average.
Select an answer
* X
dollars
Hint: Your interpretation for the slope should be something like: Every time we increase (x) by (1) (unit),
we can expect (y) to increase by (slope) (units). Just fill in the parts in parentheses with the information
from this example.
e) Interpret the Y-intercept from part c in the context of this problem. Include units.
✓is
✓to be
✓by
to Select an answer by
we
we expect
Does it make sense to interpret the Y-intercept on this problem?
Why or why not? Select an answer
Hint: Your interpretation for the y-intercept should be something like: When (x) is (0) (units), we expect (y)
to be (y-intercept) (units). Again, just fill in the information from this particular example.
Transcribed Image Text:f) Should you use the regression equation to predict the annual rental income of a randomly selected house
that has a value of 279801 dollars?
Select an answer
Should you use the regression equation to predict the annual rental income of a randomly selected house
that has a value of 476399 dollars?
Select an answer
Looking at your answers above, predict the annual rental income for the one above that it made sense
to do so.
Make sure you use the stored equation and not the rounded equation from part c.
Round final answer to 2 decimal places.
• The predicted annual rental income for a randomly selected house that has a value of
dollars is
g) Compute the residual for the following ordered pair in the data: (155000, 7488).
Make sure you use the stored equation and not the rounded equation from part c.
Round final answer to 2 decimal places.
The residual for the house with a value of 155000 dollars is
Interpret what this value means in the context of this problem.
• The actual annual rental income of a randomly selected house with a value of 155000 dollars is
Select an answer what was predicted.
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