Frankie and Johnny play the following game. Frankie selects a number at random from the interval
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An Introduction to Mathematical Statistics and Its Applications (6th Edition)
- House price y is estimated as a function of the square footage of a house x, a dummy variable d that equals 1 if the house has ocean views and 0 otherwise; and a product of this dummy and the square footage xd. The estimated house price, measured in $1,000s, is given by 3 = 69 + 0.15x + 42d + 0.03xd. a. Compute the predicted price of a house with ocean views and square footage of 2,100 and 3,100, respectively. (Round your final answers to the nearest whole number.) Square Footage 2,100 24 thousand 3,100 %24 thousand b. Compute the predicted price of a house without ocean views and square footage of 2,100 and 3,100, respectively. (Round your final answers to the nearest whole number.) Square Footage 2,100 thousand 3,100 thousand c. Discuss the impact of ocean views on the house price. • As square footage increases, the price difference between houses with and without ocean views becomes larmer as wellarrow_forwardThe revenue (in dollars) from the sale of a infant car seats is given by R(x) = 70x -0.02x², 0≤x≤ 3500.arrow_forwardIf P(A or B)= 0.8, P(A)= 0.5 and P(A and B) = 0.25, find P(B)arrow_forward
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