In a study of 30 customers' utility bills in which the monthly bill was the dependent...
In a study of 30 customers' utility bills in which the monthly bill was the dependent variable and the number of square feet in the house is the independent variable, the resulting regression model is = 23.40 + 0.4x. Based on this model, the expected utility bill for a customer with a home with 2,300 square feet is approximately $92.00.
True or False?
Homework Answers
Answer
- Expected utility bill
= $ 23.40 fixed cost + ($0.4 x 2300 sq ft)
= 23.40 + 920
= $ 943.40 - Hence, the statement is FALSE.
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