(c) Use the least squares method to develop the estimated regression equation. (Let x = home value (in thousands of $), and let y = landscaping expenditures (in thousands of $). Round your numerical values to five decimal places.) ŷ= X (d) For every additional $1,000 in home value, estimate how much additional will be spent (in $) on landscaping. (Round your answer to the nearest cent.) $ (e) Use the equation estimated in part (c) to predict the landscaping expenditures (in $) for a home valued at $275,000. (Round your answer to the nearest dollar.)
(c) Use the least squares method to develop the estimated regression equation. (Let x = home value (in thousands of $), and let y = landscaping expenditures (in thousands of $). Round your numerical values to five decimal places.) ŷ= X (d) For every additional $1,000 in home value, estimate how much additional will be spent (in $) on landscaping. (Round your answer to the nearest cent.) $ (e) Use the equation estimated in part (c) to predict the landscaping expenditures (in $) for a home valued at $275,000. (Round your answer to the nearest dollar.)
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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Please show me how to solve on excel and all your steps, I am struggling on setting up the problem.
![### Regression Equation Development and Prediction
#### (c)
**Task**: Use the least squares method to develop the estimated regression equation.
- **Variables**:
- \( x = \) home value (in thousands of $)
- \( y = \) landscaping expenditures (in thousands of $)
- **Requirement**: Round your numerical values to five decimal places.
Estimated regression equation:
\[ \hat{y} = \text{[text box]} \]
(Ensure to fill the text box with the calculated equation.)
#### (d)
**Task**: For every additional $1,000 in home value, estimate how much additional will be spent (in $) on landscaping.
- **Requirement**: Round your answer to the nearest cent.
Amount:
\[ \$\text{[text box]} \]
#### (e)
**Task**: Use the equation estimated in part (c) to predict the landscaping expenditures (in $) for a home valued at $275,000.
- **Requirement**: Round your answer to the nearest dollar.
Prediction:
\[ \$\text{[text box]} \]
---
No graphs or diagrams are provided.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe2fdea76-24b5-4e92-ab93-0d275ab88ec3%2F6142ee1c-fb8b-4a3e-ac9d-431e5f2dae6f%2Fvholksa_processed.png&w=3840&q=75)
Transcribed Image Text:### Regression Equation Development and Prediction
#### (c)
**Task**: Use the least squares method to develop the estimated regression equation.
- **Variables**:
- \( x = \) home value (in thousands of $)
- \( y = \) landscaping expenditures (in thousands of $)
- **Requirement**: Round your numerical values to five decimal places.
Estimated regression equation:
\[ \hat{y} = \text{[text box]} \]
(Ensure to fill the text box with the calculated equation.)
#### (d)
**Task**: For every additional $1,000 in home value, estimate how much additional will be spent (in $) on landscaping.
- **Requirement**: Round your answer to the nearest cent.
Amount:
\[ \$\text{[text box]} \]
#### (e)
**Task**: Use the equation estimated in part (c) to predict the landscaping expenditures (in $) for a home valued at $275,000.
- **Requirement**: Round your answer to the nearest dollar.
Prediction:
\[ \$\text{[text box]} \]
---
No graphs or diagrams are provided.
Transcribed Image Text:A landscaping company has collected data on home values (in thousands of dollars) and expenditures (in thousands of dollars) on landscaping with the hope of developing a predictive model to assist in marketing to potential new clients. Suppose the following table presents data for 14 households.
| Home Value ($1,000) | Landscaping Expenditures ($1,000) |
|---------------------|----------------------------------|
| 243 | 8.2 |
| 322 | 10.9 |
| 199 | 12.1 |
| 340 | 16.1 |
| 300 | 15.7 |
| 400 | 18.8 |
| 800 | 23.5 |
| 200 | 9.5 |
| 522 | 17.5 |
| 546 | 22.0 |
| 436 | 12.2 |
| 463 | 13.5 |
| 635 | 17.8 |
| 357 | 13.8 |
The table includes two columns: one for the home value in thousands of dollars, and another for the landscaping expenditures also in thousands of dollars. The data represents individual households and their respective values and expenditures. This information can be useful in identifying patterns or correlations between home value and landscaping spending to enhance marketing strategies.
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