Question 6 3.1570 polnte The following Information may be used in soveral questi

Question

Question 6 3.1570 polnte The following Information may be used in soveral questions. the home 00 in years The following is Excel output from a fitted inear regrosesion model rolating the sale price of a home (Y, in thousands of dollarn) to age of Coef cents | Standard Error! tstat . p.vave, Lower 95%- pper 95% 0 210.5209309 216.2099411 intercept 213. 9654361.450657792 1470819 1.207517218 0.029970869 40.2897 1.2E-278 1.26628524 -1.148749195 Rofer to the information above on the regreasion using age to predict selling prioe. What in the interprotation of bi in context? Hint 1: Read carefully. Hint 2: A negative increase is a decreose Oa For each additional yoar of age, the eetimated mean selling price of a home decroases by about $1.21 thounand. Ob.For each additional year of age, the estimated mean selling price of a home incroanes by about $213.37 thousand. O c. For each additional yenr of age, the estimated mean selling price of a home decreases by about $40.29 thousand od. When the age of the horne is0,tho ostinated mean seling price of a horne is about S213?7 thousand. Oe. For each additional year of age, the maximum selling price of a home increases by about $1.21 thousand Movina to another question will sawe this renoonne

Explanation / Answer

From the given Excel output regression equation is

y=-1.21x +213.37

slope =-1.21

y intercept =213.37

Option a) is correct.

For each additional year of age , the estimated mean selling price of a home decreases by about $1.21 thousand.

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