Levels Tought:
University
Teaching Since: | Apr 2017 |
Last Sign in: | 347 Weeks Ago, 5 Days Ago |
Questions Answered: | 9562 |
Tutorials Posted: | 9559 |
bachelor in business administration
Polytechnic State University Sanluis
Jan-2006 - Nov-2010
CPA
Polytechnic State University
Jan-2012 - Nov-2016
Professor
Harvard Square Academy (HS2)
Mar-2012 - Present
The linear relationship between the number of bedrooms a house has and the selling price of the house (in dollars) is analyzed for a sample of n = 250 recently sold houses in a large metropolitan area. The sample regression line is
Predicted selling price = 144000 + 50000 (Bedrooms)
a. Give the value of the slope of the regression line, and write a sentence that interprets it in the context of this situation.
b. Predict the selling price for a house with three bedrooms.
c. Suppose that a three-bedroom house sold for $300,000. What is the residual for this house?
d. Explain in words what the residual you found in part (c) indicates about the relationship between the selling price for this house and the estimated mean selling price for three-bedroom houses.
Â
-----------