A few years ago we collected real estate figures for homes sold in Fox Chapel, a

Question

A few years ago we collected real estate figures for homes sold in Fox Chapel, a quite well off area north east of Pittsburgh. The dependent variable was Sold Price (in thousands of dollars), and the independent variables Year Old, # of Bedrooms, # of Full Baths, # of Half Baths, Lot Area, Living Area (in thousands of square feet), # of Spaces in Garage, and Exterior Material. The correlation coefficient between the dependent variable Sold Price (Y) and Living Area (X) is 0.889. What proportion of the total variation (TSS) in Y, Sold Price, does X, Living Area, account for? 59.9% 66.3%^79.0% 81.4% 88.9%

Explanation / Answer

R = 0.889

we need R^2 tht is the total variation that is explained by the model

R^2 = 0.889^2 = 0.790 = 79%

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