27The model predicts that the price of a residential property with a size of 2400 square feet would be ______ thousand.a318.219 b303.066 c288.634 d274.890 Questions 27-30 are basedon the following regression summary outputYou are assisting the county assessor (whose job is to assess the value of properties for property tax purposes) indetermining a model where the price of a single-family residential property in a given neighborhood can be predictedbased on the size of the property (square feet). You obtain a sample of residential properties. You run a regression andobtain the following regression output from Microsoft Excel.y = PRICEx = SQFTSquare feetRegression StatisticsMultiple R0.4404R SquareAdjusted R Square0.1931Standard ErrorObservations1000ANOVAdfSSMSFSignificance FRegression1.586664.2240.081.1E-48Residual998 2438732.6Total9993025397CoefficientsStd Errort StatP-valueLower 95% Upper 95%Intercept126.304211.158711.31890.0000104.4069148.2014SOFT0.06761.1E-48

The estimated model in simple terms is: Price (y) = Intercept(b0) + b1x Where b1 is coefficient of x…

Answered: The model predicts that the price of a…

The model predicts that the price of a residential property with a size of 2400 square feet would be ______ thousand. a 318.219 b 303.066 c 288.634 d 274.890

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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27	The model predicts that the price of a residential property with a size of 2400 square feet would be ______ thousand.
a	318.219
b	303.066
c	288.634
d	274.890