Question

In: Statistics and Probability

The accompanying table shows a portion of a data set that refers to the property taxes...

The accompanying table shows a portion of a data set that refers to the property taxes owed by a homeowner (in $) and the size of the home (in square feet) in an affluent suburb 30 miles outside New York City.

Taxes Size
21922 2446
17362 2521
18285 1732
15662 1039
43973 5633
33629 2523
15195 2163
16693 1938
18247 2061
16036 1267
15163 1306
36002 3034
31043 2880
42063 3376
14432 1491
38914 3943
25383 3930
22991 2390
16236 3511
29263 2828

Predict the property taxes for a 1,500-square-foot home. (Round coefficient estimates to at least 4 decimal places and final answer to 2 decimal places.)

Solutions

Expert Solution

Size (X) Taxes (Y) X * Y X2 Y2
2446 21922 53621212 5982916 480574084
2521 17362 43769602 6355441 301439044
1732 18285 31669620 2999824 334341225
1039 15662 16272818 1079521 245298244
5633 43973 247699909 31730689 1933624729
2523 33629 84845967 6365529 1130909641
2163 15195 32866785 4678569 230888025
1938 16693 32351034 3755844 278656249
2061 18247 37607067 4247721 332953009
1267 16036 20317612 1605289 257153296
1306 15163 19802878 1705636 229916569
3034 36002 109230068 9205156 1296144004
2880 31043 89403840 8294400 963667849
3376 42063 142004688 11397376 1769295969
1491 14432 21518112 2223081 208282624
3943 38914 153437902 15547249 1514299396
3930 25383 99755190 15444900 644296689
2390 22991 54948490 5712100 528586081
3511 16236 57004596 12327121 263607696
2828 29263 82755764 7997584 856323169
Total 52012 488494 1430883154 158655946 13800257592

Equation of regression line is Ŷ = a + bX


b = 6.8611
a =( Σ Y - ( b * Σ X) ) / n
a =( 488494 - ( 6.8611 * 52012 ) ) / 20
a = 6581.6957
Equation of regression line becomes Ŷ = 6581.6957 + 6.8611 X


When X = 1500
Ŷ = 6581.696 + 6.861 X
Ŷ = 6581.696 + ( 6.861 * 1500 )
Ŷ = 16873.20


Related Solutions

The accompanying table shows a portion of a data set that refers to the property taxes...
The accompanying table shows a portion of a data set that refers to the property taxes owed by a homeowner (in $) and the size of the home (in square feet) in an affluent suburb 30 miles outside New York City. Taxes Size 21972 2330 17347 2427 18263 1873 15636 1098 43971 5639 33623 2429 15188 2332 16750 1898 18236 2108 16089 1245 15126 1227 36053 3027 31050 2814 42032 3329 14362 1635 38961 4074 25312 4016 22960 2470 16162...
The accompanying table shows a portion of a data set that refers to the property taxes...
The accompanying table shows a portion of a data set that refers to the property taxes owed by a homeowner (in $) and the size of the home (in square feet) in an affluent suburb 30 miles outside New York City. Taxes Size 21987 2352 17343 2362 18279 1776 15645 1118 43954 5712 33653 2592 15105 2134 16749 1905 18239 2024 16048 1389 15135 1381 36016 3028 31083 2771 42000 3374 14370 1556 38953 3971 25373 3934 22971 2321 16169...
The accompanying table shows a portion of a data set that refers to the property taxes...
The accompanying table shows a portion of a data set that refers to the property taxes owed by a homeowner (in $) and the size of the home (in square feet) in an affluent suburb 30 miles outside New York City. Taxes Size 21913 2357 17307 2531 18258 1906 15606 1061 43962 5639 33679 2520 15197 2165 16733 1825 18211 2139 16061 1268 15194 1261 36018 3060 31036 2869 42098 3448 14377 1574 38934 3919 25341 3949 22969 2514 16241...
The accompanying table shows a portion of a data set that refers to the property taxes...
The accompanying table shows a portion of a data set that refers to the property taxes owed by a homeowner (in $) and the size of the home (in square feet) in an affluent suburb 30 miles outside New York City. Taxes Size 21928 2438 17356 2455 18214 1871 15652 1063 43957 5715 33631 2567 15131 2260 16698 1824 18277 2010 16038 1438 15198 1337 36089 3049 31008 2843 42044 3411 14414 1454 38940 4057 25329 3939 22907 2505 16152...
The accompanying table shows a portion of a data set that refers to the property taxes...
The accompanying table shows a portion of a data set that refers to the property taxes owed by a homeowner (in $) and the size of the home (in square feet) in an affluent suburb 30 miles outside New York City. Taxes Size 21922 2446 17362 2521 18285 1732 15662 1039 43973 5633 33629 2523 15195 2163 16693 1938 18247 2061 16036 1267 15163 1306 36002 3034 31043 2880 42063 3376 14432 1491 38914 3943 25383 3930 22991 2390 16236...
The accompanying table shows a portion of a data set that refers to the property taxes...
The accompanying table shows a portion of a data set that refers to the property taxes owed by a homeowner (in $) and the size of the home (in square feet) in an affluent suburb 30 miles outside New York City. a. Estimate the sample regression equation that enables us to predict property taxes on the basis of the size of the home. (Round your answers to 2 decimal places.) Taxes= [ ] + [ ]Size c. Predict the property...
The accompanying table shows a portion of a data set that refers to the property taxes...
The accompanying table shows a portion of a data set that refers to the property taxes owed by a homeowner (in $) and the size of the home (in square feet) in an affluent suburb 30 miles outside New York City. Taxes Size 21934 2345 17334 2434 18262 1903 15646 1103 43973 5739 33660 2572 15119 2374 16702 1828 18230 2017 16038 1338 15140 1246 36030 3042 31034 2849 42077 3447 14364 1451 38925 3953 25378 3951 22956 2523 16216...
The accompanying table shows a portion of a data set that refers to the property taxes...
The accompanying table shows a portion of a data set that refers to the property taxes owed by a homeowner (in $) and the size of the home (in square feet) in an affluent suburb 30 miles outside New York City. 21918 2359 17318 2340 18284 1936 15624 1094 43998 5664 33670 2577 15158 2139 16691 1856 18278 2052 16070 1357 15181 1222 36077 3110 31037 2782 42061 3446 14365 1524 38971 3976 25313 4014 22984 2332 16210 3586 29229...
16. The accompanying table shows a portion of a data set that refers to the property...
16. The accompanying table shows a portion of a data set that refers to the property taxes owed by a homeowner (in $) and the size of the home (in square feet) in an affluent suburb 30 miles outside New York City. Taxes Size 21,972 2,330 17,347 2,427 ⋮ ⋮ 29,264 2,879 a. Estimate the sample regression equation that enables us to predict property taxes on the basis of the size of the home. (Round your answers to 2 decimal...
7. The accompanying table shows a portion of a data set that refers to the property...
7. The accompanying table shows a portion of a data set that refers to the property taxes owed by a homeowner (in $) and the size of the home (in square feet) in an affluent suburb 30 miles outside New York City. Taxes Size 21,998 2,317 17,350 2,347 ⋮ ⋮ 29,245 2,892 a. Estimate the sample regression equation that enables us to predict property taxes on the basis of the size of the home. (Round your answers to 2 decimal...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT