Q1) A real estate consultant is considering developing a series of price models forresidential houses in different areas of the province of Ontario, in Canada. Thedataset, provided by the Windsor and Essex County Board, covers residential homesales in Windsor. To develop the model, the consultant performs a linear regression toestimate the price (in Canadian dollars) as a linear function of the size of theapartment (in square feet) and obtains the following Excel result.SUMMARY OUTPUTRegression StatisticsMultiple RR SquareAdjusted R SquareStandard ErrorObservations0.535804130.287086070.2857755641101.9362546ANOVAdfMSSignificance F1 3.70082E+11 3.7008E+11 219.065461 6.74643E-42RegressionResidualTotal544 9.19017E+11 16893691585451.2891E+12Coefficients Standard Error62171.5874 4537.036582 13.7031268 6.2969E-37 53259.33066 71083.8441t StatP-valueLower 95%Upper 95%InterceptLOTSIZE12.01876690.81203165 14.8008601 6.7464E-42 10.42366523 13.6138685a) Write the regression equation.b) Predict the price for LOTSIZE = 4000. Round your answer to two decimal places.c) Interpret the coefficient for the size of the apartment.d) Find the correlation coefficient between Price and Lot Size. Round your answer tothreedecimals.

Note : According to our guidelines we are solving only first three sub-parts of a question. Given…

Answered: ) Write the regression equation. )…

) Write the regression equation. ) Predict the price for LOTSIZE = 4000. Round your an ) Interpret the coefficient for the size of the apartment.

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Concept explainers

Correlation

Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.

Linear Correlation

A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.

Regression Analysis

Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.

Question

Q1) A real estate consultant is considering developing a series of price models for
residential houses in different areas of the province of Ontario, in Canada. The
dataset, provided by the Windsor and Essex County Board, covers residential home
sales in Windsor. To develop the model, the consultant performs a linear regression to
estimate the price (in Canadian dollars) as a linear function of the size of the
apartment (in square feet) and obtains the following Excel result.
SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations
0.53580413
0.28708607
0.28577556
41101.9362
546
ANOVA
df
MS
Significance F
1 3.70082E+11 3.7008E+11 219.065461 6.74643E-42
Regression
Residual
Total
544 9.19017E+11 1689369158
545
1.2891E+12
Coefficients Standard Error
62171.5874 4537.036582 13.7031268 6.2969E-37 53259.33066 71083.8441
t Stat
P-value
Lower 95%
Upper 95%
Intercept
LOTSIZE
12.0187669
0.81203165 14.8008601 6.7464E-42 10.42366523 13.6138685
a) Write the regression equation.
b) Predict the price for LOTSIZE = 4000. Round your answer to two decimal places.
c) Interpret the coefficient for the size of the apartment.
d) Find the correlation coefficient between Price and Lot Size. Round your answer to
three
decimals.

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