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variate of the square footage helps explain the response. 2 houses was used, and the linear regression output from R sqft, data = house) te Std. Error t value Pr (>|t|) 46 11551.846 50 -7.049 5.74e-12 *** 4.875 32.605 < 2e-16 ***

variate of the square footage helps explain the response. 2 houses was used, and the linear regression output from R sqft, data = house) te Std. Error t value Pr (>|t|) 46 11551.846 50 -7.049 5.74e-12 *** 4.875 32.605 < 2e-16 ***

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter3: Straight Lines And Linear Functions
Section3.CR: Chapter Review Exercises
Problem 15CR: Life Expectancy The following table shows the average life expectancy, in years, of a child born in...
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4. A study was conducted to investigate the relationship between the size of a house (in square feet) and the selling price of a house (in dollars). The response variable is price in dollars, and we want to study if the covariate of the square footage helps explain the response. A random sample of 522 houses was used, and the linear regression output from R is below. price sqft, data = house) 1m (formula = Coefficients: Estimate Std. Error t value Pr(>|t|) (Intercept) -81432.946 11551.846 -7.049 5.74e-12 *** sqft 158.950 4.875 32.605 <2e-16 *** Residual standard error: 79120 on 520 degrees of freedom Multiple R-squared: 0.6715, Adjusted R-squared: 0.6709 a. Write out the estimated linear equation. What is the estimated expected selling price of a house that is 2000 square feet? b. Does the intercept have a useful interpretation in this study? Why or why not. c. Interpret the slope estimate in context of the model.
Transcribed Image Text:4. A study was conducted to investigate the relationship between the size of a house (in square feet) and the selling price of a house (in dollars). The response variable is price in dollars, and we want to study if the covariate of the square footage helps explain the response. A random sample of 522 houses was used, and the linear regression output from R is below. price sqft, data = house) 1m (formula = Coefficients: Estimate Std. Error t value Pr(>|t|) (Intercept) -81432.946 11551.846 -7.049 5.74e-12 *** sqft 158.950 4.875 32.605 <2e-16 *** Residual standard error: 79120 on 520 degrees of freedom Multiple R-squared: 0.6715, Adjusted R-squared: 0.6709 a. Write out the estimated linear equation. What is the estimated expected selling price of a house that is 2000 square feet? b. Does the intercept have a useful interpretation in this study? Why or why not. c. Interpret the slope estimate in context of the model.
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