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Author Question: A county real estate appraiser wants to develop a statistical model to predict the appraised value ... (Read 103 times)

xclash

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on: Jan 16, 2020
A county real estate appraiser wants to develop a statistical model to predict the appraised value of houses in a section of the county called East Meadow. One of the many variables thought to be an important predictor of appraised value is the number of rooms in the house. Consequently, the appraiser decided to fit the simple linear regression model, where y = appraised value of the house (in $thousands) and x = number of rooms. Using data collected for a sample of houses in East Meadow, the following results were obtained:
     = 74.80 + 17.80x
     sβ  = 71.24, t = 1.05 (for testing β0)
     sβ  = 2.63, t = 7.49 (for testing β1)
     SSE = 60,775, MSE = 841, s = 29, r2 = .44
     Range of the x-values: 5 - 11
     Range of the y-values: 160 - 300
Give a practical interpretation of the estimate of the slope of the least squares line.
◦ For a house with 0 rooms, we estimate the appraised value to be $74,800.
◦ For each additional dollar of appraised value, we estimate the number of rooms in the house to increase by 17.80 rooms.
◦ For each additional room in the house, we estimate the appraised value to increase $17,800.
◦ For each additional room in the house, we estimate the appraised value to increase $74,800.
Statistics: Informed Decisions Using Data ¦ Sullivan ¦ 5th Edition
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Marked as best answer by xclash on Jan 16, 2020

coyin

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Reply #1 on: Jan 16, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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xclash

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Reply 2 on: Jan 16, 2020
Thanks for the timely response, appreciate it

bigsis44

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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