Nassau County is located approximately 25 miles east of New York City. The accompanying data include the fair market value (in thousands of dollars), land area of the property in acres, and age, in years, for a sample of 20 single-family homes located in Glen Cove, a small city in Nassau County. Develop a multiple linear regression model to predict the fair market value based on land area of the property and age, in years. Complete parts (a) through (f). E Click the icon to view the data table. a. State the multiple regression equation. Let X represent the land area of the property in acres and let X2 represent age, in years. P; = 458.4 + ( 421.7) X, + ( – 1.8 ) X21 (Round to one decimal place as needed.) b. Interpret the meaning of the slopes, b, and by, in this problem. Choose the correct answer below. O A. For a given age, each increase of 1 acre in land area is estimated to result in an increase in fair market value by b, dollars. For a given land area, each increase in one year in age is estimated to result in a decrease in fair market value by b, dollars. O B. For a given age, each increase of 1 acre in land area is estimated to result in an increase in fair market value by 1000b, dollars. For a given land area, each increase in one year in age is estimated to result in a decrease in fair market value by 1000b, dollars. OC. For a given age, each increase of 1 acre in land area is estimated to result in an increase in fair market value by b, dollars. For a given land area, each increase in one year in age is estimated to result in a decrease in fair market value by b, dollars. O D. For a given age, each increase of 1 acre in land area is estimated to result in an increase in fair market value by 1000b, dollars. For a given land area, each increase in one year in age is estimated to result in a decrease in fair market value by 1000b, dollars.
Nassau County is located approximately 25 miles east of New York City. The accompanying data include the fair market value (in thousands of dollars), land area of the property in acres, and age, in years, for a sample of 20 single-family homes located in Glen Cove, a small city in Nassau County. Develop a multiple linear regression model to predict the fair market value based on land area of the property and age, in years. Complete parts (a) through (f). E Click the icon to view the data table. a. State the multiple regression equation. Let X represent the land area of the property in acres and let X2 represent age, in years. P; = 458.4 + ( 421.7) X, + ( – 1.8 ) X21 (Round to one decimal place as needed.) b. Interpret the meaning of the slopes, b, and by, in this problem. Choose the correct answer below. O A. For a given age, each increase of 1 acre in land area is estimated to result in an increase in fair market value by b, dollars. For a given land area, each increase in one year in age is estimated to result in a decrease in fair market value by b, dollars. O B. For a given age, each increase of 1 acre in land area is estimated to result in an increase in fair market value by 1000b, dollars. For a given land area, each increase in one year in age is estimated to result in a decrease in fair market value by 1000b, dollars. OC. For a given age, each increase of 1 acre in land area is estimated to result in an increase in fair market value by b, dollars. For a given land area, each increase in one year in age is estimated to result in a decrease in fair market value by b, dollars. O D. For a given age, each increase of 1 acre in land area is estimated to result in an increase in fair market value by 1000b, dollars. For a given land area, each increase in one year in age is estimated to result in a decrease in fair market value by 1000b, dollars.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Question
Transcribed Image Text:Nassau County is located approximately 25 miles east of New York City. The accompanying data include the fair market value (in thousands of dollars), land area of the property in acres, and age, in years, for a sample of 20 single-family homes located in
Glen Cove, a small city in Nassau County. Develop a multiple linear regression model to predict the fair market value based on land area of the property and age, in years. Complete parts (a) through (f).
Click the icon to view the data table.
a. State the multiple regression equation. Let X1; represent the land area of the property in acres and let X2 represent age, in years.
Ý; = 458.4 + ( 421.7) ×1 + ( – 1.8) X21
-
(Round to one decimal place as needed.)
b. Interpret the meaning of the slopes, b, and b2, in this problem. Choose the correct answer below.
O A. For a given age, each increase of 1 acre in land area is estimated to result in an increase in fair market value by b, dollars. For a given land area, each increase in one year in age is estimated to result in a decrease in fair market value by bɔ
dollars.
B. For a given age, each increase of 1 acre in land area is estimated to result in an increase in fair market value by 1000b, dollars. For a given land area, each increase in one year in age is estimated to result in a decrease in fair market value by
1000b, dollars.
O C. For a given age, each increase of 1 acre in land area is estimated to result in an increase in fair market value by b, dollars. For a given land area, each increase in one year in age is estimated to result in a decrease in fair market value by b,
dollars.
O D. For a given age, each increase of 1 acre in land area is estimated to result in an increase in fair market value by 1000b, dollars. For a given land area, each increase in one year in age is estimated to result in a decrease in fair market value by
1000b, dollars.
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