QUESTION 22 5 points Save Answer You pick up your client, Princess Leia, from he

Question

QUESTION 22 5 points Save Answer You pick up your client, Princess Leia, from her home. Ms. Leia shares her company's model used to estimate the house prices in Lincoln Dark. (see below) Intercept Number of bathrooms Number of rooms Square Feet School District Rating Age Coefficient 50,000 1,700 500 50 6,000 50 P-value 0.50% 4.90% 9.00% 2.05% 0.75% 5.10% Lower 95% 40,000 100 -600 35 1,000 110 Upper 95% 60,000 3,300 1,600 65 11,000 10 If the actual price for a house with 2 bathrooms, 3 rooms, 2000 square feet, with school district rating 5, and with age of 18 years is 183,000 what is the error? (A ghost of your professor shouts to you "remember Error Actual - Predicted")

Explanation / Answer

The value here is predicted as: ( Using the coefficients from the first column of the table )

Price = 50,000 + 1700*2 + 500*3 + 50*2000 + 6000*5 - 50*18 = 184000

Therefore Error = Actual - Predicted = 183,000 - 184,000 = -1000

Therefore -1,000 is the required error value here.

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