Concept explainers
(a)
To explain what the slope of the line says about housing prices and house size.
(a)
Explanation of Solution
It is given in the question that, a random sample of records of sales of homes gives the price and size of homes. A regression to predict price from size has an R -squared of
Thus, the slope of the line says about housing prices and house size is that price of the house increases by about
(b)
To find out what price would you predict for a
(b)
Answer to Problem 21E
The price of the house is
Explanation of Solution
It is given in the question that, a random sample of records of sales of homes gives the price and size of homes. A regression to predict price from size has an R -squared of
Thus, we want to predict the price for a
Thus, the price of the house is
(c)
To find out what is the asking price and explain what is the
(c)
Answer to Problem 21E
The asking price is
Explanation of Solution
It is given in the question that, a random sample of records of sales of homes gives the price and size of homes. A regression to predict price from size has an R -squared of
It is also given that a real estate agent shows a potential buyer a
Thus, the asking price is
Chapter 8 Solutions
Stats: Modeling the World Nasta Edition Grades 9-12
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Statistics for Psychology
Elementary Statistics: Picturing the World (6th Edition)
Elementary Statistics: Picturing the World (7th Edition)
Introductory Statistics
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