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.
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter7: Analytic Trigonometry
Section7.6: The Inverse Trigonometric Functions
Problem 94E
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
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