The Terre Haute Association of Realtors conducts a study to examine the association between the size of a home (in square feet) and the price the home sells for (in dollars). a regression model is then created to predict the price based on the size of the home and is given by the following equation: Price = - 43511+86.3(Size) a) Interpret the slope and intercept of the model in context using a complete sentence. b) Predict the selling price of a home with 2000 square feet. c) Suppose R2= ,9225 Interpret its meaning in context using a complete sentence. d) Would it be better for a person to experience a positive or negative residual in this context? Please explain in a complete sentence.

The Terre Haute Association of Realtors conducts a study to examine the association between the size of a home (in square feet) and the price the home sells for (in dollars). a regression model is then created to predict the price based on the size of the home and is given by the following equation: Price = - 43511+86.3(Size) a) Interpret the slope and intercept of the model in context using a complete sentence. b) Predict the selling price of a home with 2000 square feet. c) Suppose R2= ,9225 Interpret its meaning in context using a complete sentence. d) Would it be better for a person to experience a positive or negative residual in this context? Please explain in a complete sentence.

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

The Terre Haute Association of Realtors conducts a study to examine the association between the size of a home (in square feet)
and the price the home sells for (in dollars). a regression model is then created to predict the price based on the size of the home
and is given by the following equation:
Price = - 43511+86.3(Size)
a) Interpret the slope and intercept of the model in context using a complete sentence.
b) Predict the selling price of a home with 2000 square feet.
c) Suppose R2- 9225 Interpret its meaning in context using a complete sentence.
d) Would it be better for a person to experience a positive or negative residual in this context? Please explain in a complete
sentence.

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