16. The accompanying table shows a portion of a data set that refers to the property taxes owed by a homeowner (in $) and the size of the home (in square feet) in an affluent suburb 30 miles outside New York City.
Taxes | Size |
21,972 | 2,330 |
17,347 | 2,427 |
⋮ | ⋮ |
29,264 | 2,879 |
a. Estimate the sample regression equation that
enables us to predict property taxes on the basis of the size of
the home. (Round your answers to 2 decimal
places.)
TaxesˆTaxes^ = + Size.
b. Interpret the slope coefficient.
As Size increases by 1 square foot, the property taxes are predicted to increase by $6.67.
As Property Taxes increase by 1 dollar, the size of the house increases by 6.67 ft.
c. Predict the property taxes for a
1,600-square-foot home. (Round coefficient estimates to at
least 4 decimal places and final answer to 2 decimal
pl
Taxes | Size |
21972 | 2330 |
17347 | 2427 |
18263 | 1873 |
15636 | 1098 |
43971 | 5639 |
33623 | 2429 |
15188 | 2332 |
16750 | 1898 |
18236 | 2108 |
16089 | 1245 |
15126 | 1227 |
36053 | 3027 |
31050 | 2814 |
42032 | 3329 |
14362 | 1635 |
38961 | 4074 |
25312 | 4016 |
22960 | 2470 |
16162 | 3584 |
29264 | 2879 |
a.
y: Taxes;
x : size
Regression equation
= a + b
x
i.e
= a
+ b size
y: Taxes |
x: Size | xy | x2 | |
21972 | 2330 | 51194760 | 5428900 | |
17347 | 2427 | 42101169 | 5890329 | |
18263 | 1873 | 34206599 | 3508129 | |
15636 | 1098 | 17168328 | 1205604 | |
43971 | 5639 | 247952469 | 31798321 | |
33623 | 2429 | 81670267 | 5900041 | |
15188 | 2332 | 35418416 | 5438224 | |
16750 | 1898 | 31791500 | 3602404 | |
18236 | 2108 | 38441488 | 4443664 | |
16089 | 1245 | 20030805 | 1550025 | |
15126 | 1227 | 18559602 | 1505529 | |
36053 | 3027 | 109132431 | 9162729 | |
31050 | 2814 | 87374700 | 7918596 | |
42032 | 3329 | 139924528 | 11082241 | |
14362 | 1635 | 23481870 | 2673225 | |
38961 | 4074 | 158727114 | 16597476 | |
25312 | 4016 | 101652992 | 16128256 | |
22960 | 2470 | 56711200 | 6100900 | |
16162 | 3584 | 57924608 | 12845056 | |
29264 | 2879 | 84251056 | 8288641 | |
Total |
|
|
|
|
n = 20
Sample regression equation
=
6935.0436 + 6.6685 size
=
6935.04 + 6.67 Size
b.
As Size increases by 1 square foot, the property taxes are predicted to increase by $6.67
c.
Predict the property taxes for a 1,600-square-foot home;
substitute size = 1600 in the above regression equation:
=
6935.0436 + 6.6685 size
= 6935.0436 + 6.6685 x 1600 = 17604.6436
16. The accompanying table shows a portion of a data set that refers to the property taxes owed by a homeowner (in $) and the size of the home (in square feet) in an affluent suburb 30 miles outside N...
The accompanying table shows a portion of a data set that refers to the property taxes owed by a homeowner (in $) and the size of the home (in square feet) in an affluent suburb 30 miles outside New York City. XC Click here for the CSV Data File Taxes 21,918 17,318 Size 2,359 2,340 29, 229 2,807 a. Estimate the sample regression equation that enables us to predict property taxes on the basis of the size of the home....
The accompanying table shows a portion of a data set that refers to the property taxes owed by a homeowner (in $) and the size of the home (in square feet) in an affluent suburb 30 miles outside New York City. Taxes Size 21980 2357 17392 2471 18216 1895 15691 1117 43957 5728 33624 2536 15136 2188 16699 1926 18218 2135 16036 1409 15145 1450 36050 3099 31048 2742 42030 3353 14435 1649 38946 4001 25309 3916 22934 2438 16152...