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Suppose Isabella has developed the following estimated regression equation for the price of an Edmonton condo, based off square footage size (in square feet). Price = 151000 + 48* (Square Footage) a) If someone wants to purchase an Edmonton condo with a size of 1010 square feet, how much should they expect to pay? Answer: dollars b) If they want to buy a condo that is 43 square feet bigger, then how much more money should they expect to pay? Answer: dollars c) Would the intercept be meaningful if this regression represents the average Edmonton condo? Yes No

Suppose Isabella has developed the following estimated regression equation for the price of an Edmonton condo, based off square footage size (in square feet). Price = 151000 + 48* (Square Footage) a) If someone wants to purchase an Edmonton condo with a size of 1010 square feet, how much should they expect to pay? Answer: dollars b) If they want to buy a condo that is 43 square feet bigger, then how much more money should they expect to pay? Answer: dollars c) Would the intercept be meaningful if this regression represents the average Edmonton condo? Yes No

Algebra: Structure And Method, Book 1
Algebra: Structure And Method, Book 1
(REV)00th Edition
ISBN:9780395977224
Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Chapter12: Quadratic Functions
Section12.8: Joint And Combined Variation
Problem 3P
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Suppose Isabella has developed the following estimated regression equation for the price of an Edmonton condo, based off square footage size (in square feet). Price = 151000 + 48* (Square Footage) a) If someone wants to purchase an Edmonton condo with a size of 1010 square feet, how much should they expect to pay? Answer: dollars b) If they want to buy a condo that is 43 square feet bigger, then how much more money should they expect to pay? Answer: dollars c) Would the intercept be meaningful if this regression represents the average Edmonton condo? Yes No
Transcribed Image Text:Suppose Isabella has developed the following estimated regression equation for the price of an Edmonton condo, based off square footage size (in square feet). Price = 151000 + 48* (Square Footage) a) If someone wants to purchase an Edmonton condo with a size of 1010 square feet, how much should they expect to pay? Answer: dollars b) If they want to buy a condo that is 43 square feet bigger, then how much more money should they expect to pay? Answer: dollars c) Would the intercept be meaningful if this regression represents the average Edmonton condo? Yes No
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