Concept explainers
To select the best option for the equation of the least squares regression line for predicting selling price from appraised value.
Answer to Problem 21E
The option (c) is the correct option.
Explanation of Solution
In the question, appraised market price and the actual market price are compared and the computer output of the data is given. Thus, as we know that the general squares equation is given as:
The y -intercept a is given in the column of “Coef” and in the row of “Constant” as:
And the slope b is given in the column of “Coef” and in the row of “Appraisal” as:
Thus, the least squares regression equation then becomes as:
Thus, the option (c) is the correct option.
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