Data were collected from a random sample of 330 home sales from a community in 2003. Let Price denote the selling price (in $1,000), BDR denote the number of bedrooms, Bath denote the number of bathrooms, Hsize denote the size of the house (in square feet), Lsize denote the lot size (in square feet), Age denote the age of the house (in years), and Poor denote a binary variable that is equal to 1 if the condition of the house is reported as "poor." An estimated regression yields Price 129.9+0.529BDR+25.5Bath +0.170Hsize +0.004Lsize +0.098Age - 53.2Poor, R2 = 0.78, SER=45.2. her house into a new bathroom. What is the expected increase in the value of the house? Suppose that a homeowner converts part of an existing family room The expected increase in the value of the house is $. (Round your response to the nearest dollar.) Suppose that a homeowner adds a new bathroom to her house, which increases the size of the house by 109 square feet. What is the expected increase in the value of the house? The expected increase in the value of the house is $. (Round your response to the nearest dollar.) What is the loss in value if a homeowner lets his house run down so that its condition becomes "poor"? The loss is $. (Round your response to the nearest dollar.) to the ² for the regression
Data were collected from a random sample of 330 home sales from a community in 2003. Let Price denote the selling price (in $1,000), BDR denote the number of bedrooms, Bath denote the number of bathrooms, Hsize denote the size of the house (in square feet), Lsize denote the lot size (in square feet), Age denote the age of the house (in years), and Poor denote a binary variable that is equal to 1 if the condition of the house is reported as "poor." An estimated regression yields Price 129.9+0.529BDR+25.5Bath +0.170Hsize +0.004Lsize +0.098Age - 53.2Poor, R2 = 0.78, SER=45.2. her house into a new bathroom. What is the expected increase in the value of the house? Suppose that a homeowner converts part of an existing family room The expected increase in the value of the house is $. (Round your response to the nearest dollar.) Suppose that a homeowner adds a new bathroom to her house, which increases the size of the house by 109 square feet. What is the expected increase in the value of the house? The expected increase in the value of the house is $. (Round your response to the nearest dollar.) What is the loss in value if a homeowner lets his house run down so that its condition becomes "poor"? The loss is $. (Round your response to the nearest dollar.) to the ² for the regression
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter4: Polynomial And Rational Functions
Section4.6: Rational Functions
Problem 11SC: Find the mean hourly cost when the cell phone described above is used for 240 minutes.
Related questions
Question
Transcribed Image Text:Data were collected from a random sample of 330 home sales from a community in 2003. Let Price denote the selling price (in $1,000), BDR denote the number of bedrooms, Bath denote the number of bathrooms, Hsize
denote the size of the house (in square feet), Lsize denote the lot size (in square feet), Age denote the age of the house (in years), and Poor denote a binary variable that is equal to 1 if the condition of the house is reported as
"poor."
An estimated regression yields
Price=129.9 +0.529BDR+25.5Bath +0.170Hsize +0.004Lsize
+0.098Age-53.2Poor, R² = 0.78, SER=45.2.
Suppose that a homeowner converts part of an existing family room in her house into a new bathroom. What is the expected increase in the value of the house?
The expected increase in the value of the house is $. (Round your response to the nearest dollar.)
Suppose that a homeowner adds a new bathroom to her house, which increases the size of the house by 109 square feet. What is the expected increase in the value of the house?
The expected increase in the value of the house is $. (Round your response to the nearest dollar.)
What is the loss in value if a homeowner lets his house run down so that its condition becomes "poor"?
The loss is $. (Round your response to the nearest dollar.)
Compute the R² for the regression.
The R² for the regression is. (Round your response to three decimal places.)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Recommended textbooks for you
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
Algebra: Structure And Method, Book 1
Algebra
ISBN:
9780395977224
Author:
Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:
McDougal Littell
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
Algebra: Structure And Method, Book 1
Algebra
ISBN:
9780395977224
Author:
Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:
McDougal Littell
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL