An article on the cost of housing in California that appeared in the San Luis Oe

Question

An article on the cost of housing in California that appeared in the San Luis Oeispo Tribunet included the following statement: "In Northem Califormis, people from the San Francseo bay area pushed into the Central Valley, benefiting from home prices that dropped on average $4000 for every mile traveled east of the Bay area."If this statement is correct, what is the slope of the least-squares regression line. " ? + bx, whero y-house price (in dolars) and x-distance east of the Bay (in maes)? Explain. This value is the change in the distance east of the bay, in miles, for each decrease of $1 in average home price O This value is the change in the average home price, in dollars, for each increase of i mile in the distance east of the bay This value is the change in the average home price, in dollars, for each decrease of I mile in the distance east of the bay This value is the change in the distance east of the bay, in miles, for each increase of $1 in average home price. Need Help? aTaoTuor

Explanation / Answer

since we are given that home prices are dropping on average of $4000 for every mile

so this means that slope is 4000 but since its dropping,we use negative sign as well

Hence answer is -4000

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