The accompanying data table contains the listed prices (in thousands of dollars) and the number of square feet for 20 homes listed by a realtor in a certain city. Square Feet Price ($000) 833 203 3,235 652 1,497 281 898 204 1,914 373 2,402 378 948 202 929 197 1,623 336 2,139 335 3,241 466 1,758 312 2,118 356 3,046 531 801 183 1,958 402 843 202 2,579 521 3,177 482 2,768 445 (b) Estimate the linear equation using least squares. Interpret the fitted intercept and slope. Be sure to include their units. Note if either estimate represents a large extrapolation and is consequently not reliable. Complete the equation for the fitted line below. Estimated Price ($000) =.....+.... Size (Square Feet)
The accompanying data table contains the listed prices (in thousands of dollars) and the number of square feet for 20 homes listed by a realtor in a certain city. Square Feet Price ($000) 833 203 3,235 652 1,497 281 898 204 1,914 373 2,402 378 948 202 929 197 1,623 336 2,139 335 3,241 466 1,758 312 2,118 356 3,046 531 801 183 1,958 402 843 202 2,579 521 3,177 482 2,768 445 (b) Estimate the linear equation using least squares. Interpret the fitted intercept and slope. Be sure to include their units. Note if either estimate represents a large extrapolation and is consequently not reliable. Complete the equation for the fitted line below. Estimated Price ($000) =.....+.... Size (Square Feet)
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
The accompanying data table contains the listed prices (in thousands of dollars) and the number of square feet for 20 homes listed by a realtor in a certain
city.
Square Feet Price ($000)
833 203
3,235 652
1,497 281
898 204
1,914 373
2,402 378
948 202
929 197
1,623 336
2,139 335
3,241 466
1,758 312
2,118 356
3,046 531
801 183
1,958 402
843 202
2,579 521
3,177 482
2,768 445
(b) Estimate the linear equation using least squares. Interpret the fitted intercept and slope. Be sure to include their units. Note if either estimate represents
a large extrapolation and is consequently not reliable.
Complete the equation for the fitted line below.
Estimated Price ($000) =.....+.... Size (Square Feet)
Transcribed Image Text:(c) Interpret the summary values 2 and so associated with the fitted equation. Attach units to these summary statistics as appropriate.
2 =
with
Se =
with
(Round to three decimal places as needed.)
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 3 steps
Recommended textbooks for you
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
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
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
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…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
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
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman