Home price y is estimated as a function of the square footage of a house x and a dummy variable d that equals 1 if the house has mountain views. The estimated house price, measured in $1,000s, is given by y = 118.90 + 0.12x + 52.60d. In all scenarios, round intermediate calculates to 4 decimal places and round your answer to 2 decimal places. What is the predicted price (in $1,000s) of a house with mountain views and 2,000 square feet? What is the predicted price (in $1,000s) or a house without mountain views 2,000 square feet? In $1,000s, how much does a mountain view influence the price of a home?
Home price y is estimated as a function of the square footage of a house x and a dummy variable d that equals 1 if the house has mountain views. The estimated house price, measured in $1,000s, is given by y = 118.90 + 0.12x + 52.60d. In all scenarios, round intermediate calculates to 4 decimal places and round your answer to 2 decimal places. What is the predicted price (in $1,000s) of a house with mountain views and 2,000 square feet? What is the predicted price (in $1,000s) or a house without mountain views 2,000 square feet? In $1,000s, how much does a mountain view influence the price of a home?
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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