Rhonda Clark, a Slippery Rock, Pennsylvania, real estate developer, has devised a regression model to help...
Rhonda Clark, a Slippery Rock, Pennsylvania, real estate developer, has devised a regression model to help determine residential housing prices in northwestern Pennsylvania. The model was developed using recent sales in a particular neighborhood. The price (Y) of the house is based on the size (square footage = X) of the house. The model is:
Y=13,473+37.65XY=13,473+37.65X
The coefficient of correlation for the model is 0.63.
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Use the model to predict the selling price of a house that is 1,860 square feet.
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An 1,860-square-foot house recently sold for $95,000. Explain why this is not what the model predicted.
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If you were going to use multiple regression to develop such a model, what other quantitative variables might you include?
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What is the value of the coefficient of determination in this problem?
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Rhonda Clark, a Slippery Rock, Pennsylvania, real estate
developer, has devised a regression model to help...
Please provide hand-written explanation • • 4.48 Rhonda Clark, a Slippery Rock, Pennsylvania, real estate developer,...
Please
provide hand-written explanation
• • 4.48 Rhonda Clark, a Slippery Rock, Pennsylvania, real estate developer, has devised a regression model to help determine residential housing prices in northwestern Pennsylvania. The model was developed using recent sales in a particular neighbor- hood. The price (Y) of the house is based on the size (square foot- age = X) of the house. The model is: Y = 13,473 + 37.65X The coefficient of correlation for the model is 0.63. a) Use...
History Bookmarks Window Help page 6 of Question 4 A real estate developer is interested in...
History Bookmarks Window Help page 6 of Question 4 A real estate developer is interested in the relationship between the price of houses in Melbourne and their distance to the CBD. Using data collected from real estate agents, he performed the following simple linear regression model: where the dependent variable (Y) is the price of houses (measured in thousands of Australian dollars); the explanatory variable (X) is the distance to the CBD (measured in km);尻and β1 are unknown parameters, and...
1. One Price Realty Company wants to develop a model to estimate the value of houses in its inventory The office manager has decided to develop a multiple regression model to help explain the va...
1. One Price Realty Company wants to develop a model to estimate the value of houses in its inventory The office manager has decided to develop a multiple regression model to help explain the variation in house values. (25 points) The office manager has chosen the following variables to develop the model: X1 square feet X2- age in years x3- dummy variable for house style (1 if ranch, 0 if not) X4-2d dummy variable for house style (I if split...
A real estate research firm has developed a regression model relating list price (Y in 1,000)...
A real estate research firm has developed a regression model relating list price (Y in 1,000) with two independent variables. The two independent variables are number of bedrooms and size of the property. Part of the regression results are shown below. ANOVA MS Regression 256881.37 128440.68 Residual 42 726699.96 17302.38 Coefficients Standard Error Star Intercept 54.298 # Bedrooms 53.634 71.326 5.271 33.630 Acres 21.458 1. What has been the sample size? (2 Points) 2. What is the value of the...
Please
provide hand-written explanation
• • 4.48 Rhonda Clark, a Slippery Rock, Pennsylvania, real estate developer, has devised a regression model to help determine residential housing prices in northwestern Pennsylvania. The model was developed using recent sales in a particular neighbor- hood. The price (Y) of the house is based on the size (square foot- age = X) of the house. The model is: Y = 13,473 + 37.65X The coefficient of correlation for the model is 0.63. a) Use...
History Bookmarks Window Help page 6 of Question 4 A real estate developer is interested in the relationship between the price of houses in Melbourne and their distance to the CBD. Using data collected from real estate agents, he performed the following simple linear regression model: where the dependent variable (Y) is the price of houses (measured in thousands of Australian dollars); the explanatory variable (X) is the distance to the CBD (measured in km);尻and β1 are unknown parameters, and...
1. One Price Realty Company wants to develop a model to estimate the value of houses in its inventory The office manager has decided to develop a multiple regression model to help explain the variation in house values. (25 points) The office manager has chosen the following variables to develop the model: X1 square feet X2- age in years x3- dummy variable for house style (1 if ranch, 0 if not) X4-2d dummy variable for house style (I if split...
A real estate research firm has developed a regression model relating list price (Y in 1,000) with two independent variables. The two independent variables are number of bedrooms and size of the property. Part of the regression results are shown below. ANOVA MS Regression 256881.37 128440.68 Residual 42 726699.96 17302.38 Coefficients Standard Error Star Intercept 54.298 # Bedrooms 53.634 71.326 5.271 33.630 Acres 21.458 1. What has been the sample size? (2 Points) 2. What is the value of the...
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