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Category > Economics Posted 28 May 2017 My Price 5.00

Use the model to predict the selling price of a house that is 1,860 square feet

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:

The coefficient of correlation for the model is 0.63.

a) Use the model to predict the selling price of a house that is 1,860 square feet.

b) An 1,860-square-foot house recently sold for $95,000. Explain why this is not what the model predicted.

c) If you were going to use multiple regression to develop such a model, what other quantitative variables might you include?

d) What is the value of the coefficient of determination in this problem?

Answers

Alpha Geek

(8)

Status NEW Posted 28 May 2017 08:05 AM My Price 5.00

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