Is it reasonable to interpret the y-intercept of the regression line? Why or why not? One home that is 1,750 square feet is listed at $590,000. Is this home's price above or below average for a home of this size? Use residuals and show your work to answer. footage<- c(1561,1818,1421,1488,1356,1430,1881,1253,1300,1500,1806, 1777,1995) price<- c(425,489,379,499,299,380,560,429,524.9,429.9,580,459,665) xyplot(price-footage, Asking Price ($000) xlab "square Footage", ylab "Asking Price($000)", type=c("p","r")) 600- 500 400- 300 1400 cor(price,footage) ## [1] 0.7088847 1600 square Footage pricemodel<-Im(price-footage) msummary(pricemodel) 1800 2000 ## Estimate Std. Error t value Pr(>t) ## (Intercept) 21.14411 136.31449 0.155 0.87954 ## footage 0.28388 0.08516 3.333 0.00667 ** ## Residual standard error: 71.64 on 11 degrees of freedom ## Multiple R-squared: 0.5025, Adjusted R-squared: 0.4573 ## F-statistic: 11.11 on 1 and 11 DF, p-value: 0.006671
Is it reasonable to interpret the y-intercept of the regression line? Why or why not? One home that is 1,750 square feet is listed at $590,000. Is this home's price above or below average for a home of this size? Use residuals and show your work to answer. footage<- c(1561,1818,1421,1488,1356,1430,1881,1253,1300,1500,1806, 1777,1995) price<- c(425,489,379,499,299,380,560,429,524.9,429.9,580,459,665) xyplot(price-footage, Asking Price ($000) xlab "square Footage", ylab "Asking Price($000)", type=c("p","r")) 600- 500 400- 300 1400 cor(price,footage) ## [1] 0.7088847 1600 square Footage pricemodel<-Im(price-footage) msummary(pricemodel) 1800 2000 ## Estimate Std. Error t value Pr(>t) ## (Intercept) 21.14411 136.31449 0.155 0.87954 ## footage 0.28388 0.08516 3.333 0.00667 ** ## Residual standard error: 71.64 on 11 degrees of freedom ## Multiple R-squared: 0.5025, Adjusted R-squared: 0.4573 ## F-statistic: 11.11 on 1 and 11 DF, p-value: 0.006671
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
![Is it reasonable to interpret the y-intercept of the regression line? Why or why not?
One home that is 1,750 square feet is listed at $590,000. Is this home's price above or below average
for a home of this size? Use residuals and show your work to answer.
footage<-
c(1561,1818,1421,1488,1356,1430,1881,1253,1300,1500,1806,
1777,1995)
price<-
c(425,489,379,499,299,380,560,429,524.9,429.9,580,459,665)
xyplot(price-footage,
Asking Price($000)
xlab "square Footage",
ylab "Asking Price($000)",
type=c("p","r"))
600
500
400
300
1400
1600
square Footage
1800
O
2000
cor(price,footage)
## [1] 0.7088847
pricemodel<-Im(price-footage)
msummary(pricemodel)
##
Estimate Std. Error t value Pr(>t)
## (Intercept) 21.14411 136.31449 0.155 0.87954
## footage 0.28388 0.08516 3.333 0.00667 **
## Residual standard error: 71.64 on 11 degrees of freedom
## Multiple R-squared: 0.5025, Adjusted R-squared: 0.4573
## F-statistic: 11.11 on 1 and 11 DF, p-value: 0.006671](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F35038f16-94a1-4399-bb46-35e628254d59%2Ff667eba1-b698-44b3-ac47-a8197c1e85bd%2Fa7w0xdb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Is it reasonable to interpret the y-intercept of the regression line? Why or why not?
One home that is 1,750 square feet is listed at $590,000. Is this home's price above or below average
for a home of this size? Use residuals and show your work to answer.
footage<-
c(1561,1818,1421,1488,1356,1430,1881,1253,1300,1500,1806,
1777,1995)
price<-
c(425,489,379,499,299,380,560,429,524.9,429.9,580,459,665)
xyplot(price-footage,
Asking Price($000)
xlab "square Footage",
ylab "Asking Price($000)",
type=c("p","r"))
600
500
400
300
1400
1600
square Footage
1800
O
2000
cor(price,footage)
## [1] 0.7088847
pricemodel<-Im(price-footage)
msummary(pricemodel)
##
Estimate Std. Error t value Pr(>t)
## (Intercept) 21.14411 136.31449 0.155 0.87954
## footage 0.28388 0.08516 3.333 0.00667 **
## Residual standard error: 71.64 on 11 degrees of freedom
## Multiple R-squared: 0.5025, Adjusted R-squared: 0.4573
## F-statistic: 11.11 on 1 and 11 DF, p-value: 0.006671
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![MATLAB: An Introduction with Applications](https://www.bartleby.com/isbn_cover_images/9781119256830/9781119256830_smallCoverImage.gif)
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
![Probability and Statistics for Engineering and th…](https://www.bartleby.com/isbn_cover_images/9781305251809/9781305251809_smallCoverImage.gif)
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
![Statistics for The Behavioral Sciences (MindTap C…](https://www.bartleby.com/isbn_cover_images/9781305504912/9781305504912_smallCoverImage.gif)
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
![MATLAB: An Introduction with Applications](https://www.bartleby.com/isbn_cover_images/9781119256830/9781119256830_smallCoverImage.gif)
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
![Probability and Statistics for Engineering and th…](https://www.bartleby.com/isbn_cover_images/9781305251809/9781305251809_smallCoverImage.gif)
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
![Statistics for The Behavioral Sciences (MindTap C…](https://www.bartleby.com/isbn_cover_images/9781305504912/9781305504912_smallCoverImage.gif)
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
![Elementary Statistics: Picturing the World (7th E…](https://www.bartleby.com/isbn_cover_images/9780134683416/9780134683416_smallCoverImage.gif)
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
![The Basic Practice of Statistics](https://www.bartleby.com/isbn_cover_images/9781319042578/9781319042578_smallCoverImage.gif)
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
![Introduction to the Practice of Statistics](https://www.bartleby.com/isbn_cover_images/9781319013387/9781319013387_smallCoverImage.gif)
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman