y = sales price of a house (in thousands of dollars) x1 = home size (in hundreds of square feet) x2 = rating (an overall "niceness rating" for the house expressed on a scale from 1 [worst] to 10 [best], and provided by the real estate agency) Sales Price, Home Size, X, (x 100 ft³) Rating, y (x $1000) X2 180 23 98.1 173.1 136.5 11 20 9. 17 141 15 21 8. 165.9 4 193.5 127.8 163.5 172.5 24 7 13 19 7 25 The agency wishes to develop a regression model that can be used to predict the sales prices of future houses it will list. Use software of your choice to fit the 2 following models. Then answer the same questions (a-e) for both models. Modell: у %3D Во + Bix, t Bzxz + € Model2: y = ßo + B1x1 + B2x2 + B3x² + € (a) Discuss why scatter plot of y vs x, and x2 indicate that this model might be reasonable. (b) Interpret the regression coefficients (c) Test significance of each individual coefficients. (d) Test overall regression model (e) For an individual house with size=2000 Square feet and rating=8 find point estimation, 95% C.I. and 95% P.I.
y = sales price of a house (in thousands of dollars) x1 = home size (in hundreds of square feet) x2 = rating (an overall "niceness rating" for the house expressed on a scale from 1 [worst] to 10 [best], and provided by the real estate agency) Sales Price, Home Size, X, (x 100 ft³) Rating, y (x $1000) X2 180 23 98.1 173.1 136.5 11 20 9. 17 141 15 21 8. 165.9 4 193.5 127.8 163.5 172.5 24 7 13 19 7 25 The agency wishes to develop a regression model that can be used to predict the sales prices of future houses it will list. Use software of your choice to fit the 2 following models. Then answer the same questions (a-e) for both models. Modell: у %3D Во + Bix, t Bzxz + € Model2: y = ßo + B1x1 + B2x2 + B3x² + € (a) Discuss why scatter plot of y vs x, and x2 indicate that this model might be reasonable. (b) Interpret the regression coefficients (c) Test significance of each individual coefficients. (d) Test overall regression model (e) For an individual house with size=2000 Square feet and rating=8 find point estimation, 95% C.I. and 95% P.I.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
![A real estate agency collects the data in the following table concerning
y = sales price of a house (in thousands of dollars)
xl = home size (in hundreds of square feet)
x2 = rating (an overall "niceness rating" for the house expressed on a scale from 1 [worst] to 10
[best], and provided by the real estate agency)
Sales Price,
Home Size,
Rating,
y (x $1000)
X, (× 100 ft³)
X2
180
98.1
173.1
136.5
23
11
20
17
141
15
8
165.9
21
4
193.5
127.8
163.5
172.5
24
13
19
25
The agency wishes to develop a regression model that can be used to predict the sales prices of
future houses it will list.
Use software of your choice to fit the 2 following models. Then answer the same questions (a-e)
for both models.
Modell: у %3 Во + Bix, + Bгх2 + €
Model2: y = Bo + B1x1 + B2x2 + B3x² + e
(a) Discuss why scatter plot of y vs x, and x2 indicate that this model might be
reasonable.
(b) Interpret the regression coefficients
(c) Test significance of each individual coefficients.
(d) Test overall regression model
(e) For an individual house with size=2000 Square feet and rating=8 find point
estimation, 95% C.I. and 95% P.I.
5293 00 +76 72](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5a9048fd-ee0c-41a5-9548-ebc6fbb7c6ee%2F49e4b0e6-9e58-4b0a-8345-001b03428901%2F8todf5n_processed.png&w=3840&q=75)
Transcribed Image Text:A real estate agency collects the data in the following table concerning
y = sales price of a house (in thousands of dollars)
xl = home size (in hundreds of square feet)
x2 = rating (an overall "niceness rating" for the house expressed on a scale from 1 [worst] to 10
[best], and provided by the real estate agency)
Sales Price,
Home Size,
Rating,
y (x $1000)
X, (× 100 ft³)
X2
180
98.1
173.1
136.5
23
11
20
17
141
15
8
165.9
21
4
193.5
127.8
163.5
172.5
24
13
19
25
The agency wishes to develop a regression model that can be used to predict the sales prices of
future houses it will list.
Use software of your choice to fit the 2 following models. Then answer the same questions (a-e)
for both models.
Modell: у %3 Во + Bix, + Bгх2 + €
Model2: y = Bo + B1x1 + B2x2 + B3x² + e
(a) Discuss why scatter plot of y vs x, and x2 indicate that this model might be
reasonable.
(b) Interpret the regression coefficients
(c) Test significance of each individual coefficients.
(d) Test overall regression model
(e) For an individual house with size=2000 Square feet and rating=8 find point
estimation, 95% C.I. and 95% P.I.
5293 00 +76 72
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 3 images
Recommended textbooks for you
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman