State the regression equation and use it to predict taxes for a house with lot size 10K. Descriptive Statistics:VariableMeanStd. Dev.Min.Q1MedianQ3Мах.Тахes1001,6681,009209701,5352,0424,900Lotsize100 19,4178,5243,50012,87518,00025,000 47,400ScatterplotPrice and Size of 100 Houses in Florida5000400030002000100010k15k20k25k30k35k40k45k50kLotsizeLinear Regression Equation:ParameterEstimateIntercept-22.8Slope (Lotsize)0.08709Model Summary:StatisticValueCorrelation Coefficient r0.736Coefficient of Determination54.1%Residual Standard Deviation687.200Таxes

Dependent variable (y) : Taxes Independent variable (x) : Lotsize Let us assume the regression…

Answered: State the regression equation and use…

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State the regression equation and use it to predict taxes for a house with lot size 10K.

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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Concept explainers

Correlation

Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.

Linear Correlation

A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.

Regression Analysis

Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.

Question

100%

State the regression equation and use it to predict taxes for a house with lot size 10K.

Descriptive Statistics:
Variable
Mean
Std. Dev.
Min.
Q1
Median
Q3
Мах.
Тахes
100
1,668
1,009
20
970
1,535
2,042
4,900
Lotsize
100 19,417
8,524
3,500
12,875
18,000
25,000 47,400
Scatterplot
Price and Size of 100 Houses in Florida
5000
4000
3000
2000
1000
10k
15k
20k
25k
30k
35k
40k
45k
50k
Lotsize
Linear Regression Equation:
Parameter
Estimate
Intercept
-22.8
Slope (Lotsize)
0.08709
Model Summary:
Statistic
Value
Correlation Coefficient r
0.736
Coefficient of Determination
54.1%
Residual Standard Deviation
687.2
00
Таxes

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