Suppose we are investigating the seang prices of homes in Athens, Georgia and so

Question

Suppose we are investigating the seang prices of homes in Athens, Georgia and some predictors for the selling price. For y . selling price n dolars and x . size of house in square feet, 9-9022 + 77.2. (a) How much do you predict a house would sell for if it has 0O two thousand square feet? (whole number, no comma) (U) three thousand square feet? (whole number, no comma) (b) Using results in (a), explain how to interpret the slope O For each 1000 unit increase in square feet, the price of a home decreases by approximately $77,200 0 For each 1000 unit increase in square feet, the predicted price of a home increases by $77,200 e For each 1 unit increase in square feet, the price of a home increases on average by $77,200. o For each 1 unit increase in square feet, the price of a home is expected to decrease by $77,200 (c) Is the corelation between these variables positive or negative? Why? GeSeeo-t) : As square feet increases, price tends to Select-, (d) One home that is three thousand square feet sold for $ 300,000. Find the residual (whole number, no comma)

Explanation / Answer

a) Y= 9022 +77.2* 2000 = 163422

a2) Y= 9022 +77.2* 3000 = 240622

b) For each 1000 unit increase in square feet,predicted prie of home increases by 77200

c) Positive, Increase

d) 300000 - (240622) = 59378

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