Predicting Land Value Both
a. Which do you think has a stronger relationship with value of the land—the number of acres of land or the number of rooms in the homes? Why?
b. If you were Dying to predict the value of a parcel of land (on which there is a home) in this area, would you be able to make a better pre-diction by knowing the acreage or the number of rooms in the house? Explain.
a.
Determine which one has stronger relationship with the value of land, the number of acres of land or the number of rooms.
Answer to Problem 1SE
The number of acres of land has a stronger relationship with the value of land.
Explanation of Solution
Scatterplot A shows the relationship between the value of land and number of acres of land that is provided. Scatterplot B shows the relationship between the value of land and number of rooms in the house that is given.
A scatterplot has less scattered data points and are forming a linear trend. Therefore, it can be said that there is a strong relationship between these two variables, number of acres of land and value of land.
The data points in the scatterplot output for B has more scattered data points and without forming any specific pattern and trend. It can be said that there isn’t a strong relationship between these two variables.
b.
Determine whether it is a good approach to make predictions for the value of a parcel of land by knowing the acreage or the number of rooms in the home.
Answer to Problem 1SE
Better prediction can be made by knowing the value of the acreage.
Explanation of Solution
Scatterplot A shows that the value of land has a stronger relationship with the acreage than the number of rooms in the house because there is less variability in the vertical direction. Changes made in the number of acres will affect the value of land more as compared to the number of rooms in the house.
Hence, the better prediction can be made by knowing the value of the acreage.
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Chapter 4 Solutions
Introductory Statistics (2nd Edition)
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