Question
In: Statistics and Probability
A realtor in Arlington, Massachusetts, is analyzing the relationship between the sale price of a home...
A realtor in Arlington, Massachusetts, is analyzing the relationship between the sale price of a home (Price in $), its square footage (Sqft), the number of bedrooms (Beds), and the number of bathrooms (Baths). She collects data on 36 sales in Arlington in the first quarter of 2009 for the analysis. A portion of the data is shown in the accompanying table.
| Price | Sqft | Beds | Baths |
| 672000 | 2214 | 4 | 2.0 |
| 758769 | 2308 | 5 | 1.0 |
| 831833 | 2800 | 4 | 3.0 |
| 689000 | 2200 | 3 | 2.5 |
| 685000 | 2716 | 3 | 3.5 |
| 645000 | 2524 | 3 | 2.0 |
| 625000 | 2732 | 4 | 2.5 |
| 620000 | 2436 | 4 | 3.5 |
| 783333 | 2800 | 4 | 2.0 |
| 585000 | 1947 | 3 | 1.5 |
| 583000 | 2224 | 3 | 2.5 |
| 379333 | 2175 | 3 | 1.0 |
| 546000 | 1792 | 3 | 2.0 |
| 780000 | 2149 | 4 | 2.5 |
| 732273 | 3964 | 4 | 3.5 |
| 344000 | 1301 | 3 | 1.0 |
| 511000 | 1752 | 3 | 1.5 |
| 714000 | 2418 | 4 | 3.0 |
| 693000 | 2369 | 4 | 3.0 |
| 648200 | 2400 | 4 | 3.0 |
| 639800 | 2310 | 4 | 3.0 |
| 451000 | 1685 | 3 | 2.0 |
| 628333 | 2167 | 4 | 2.5 |
| 431700 | 1896 | 2 | 1.5 |
| 414000 | 1182 | 2 | 1.5 |
| 602250 | 1728 | 4 | 2.0 |
| 478800 | 1660 | 4 | 2.0 |
| 380000 | 1344 | 4 | 2.0 |
| 475000 | 1590 | 3 | 2.0 |
| 375900 | 2275 | 5 | 1.0 |
| 372000 | 1005 | 2 | 1.0 |
| 459375 | 1590 | 3 | 2.0 |
| 356500 | 1431 | 2 | 2.0 |
| 412500 | 1703 | 3 | 2.0 |
| 412500 | 1831 | 3 | 2.0 |
| 307500 | 850 | 1 | 1.0 |
a. Estimate the model Price = β0 + β1Sqft + β2Beds + β3Baths + ε. (Round Coefficients to 2 decimal places.)
Intercept. Coefficients for each?
Sqft
Beds
Baths
b. Predict the price of a 2,112 square-foot home with two bedrooms and one bathrooms. (Round coefficient estimates to at least 4 decimal places and final answer to the nearest whole number.)
$___?
Solutions
orchestra answered 1 year agoRelated Solutions
A realtor in Arlington, Massachusetts, is analyzing the relationship between the sale price of a home...
A realtor in Arlington, Massachusetts, is analyzing the
relationship between the sale price of a home (Price in $), its
square footage (Sqft), the number of bedrooms (Beds), and the
number of bathrooms (Baths). She collects data on 36 sales in
Arlington in the first quarter of 2009 for the analysis. A portion
of the data is shown in the accompanying table.
Price
Sqft
Beds
Baths
728000
2399
4
2.5
569077
1731
3
1.5
831833
2800
4
3.0
689000
2200...
A realtor in Arlington, Massachusetts, is analyzing the relationship between the sale price of a home...
A realtor in Arlington, Massachusetts, is analyzing the
relationship between the sale price of a home (Price in $), its
square footage (Sqft), the number of bedrooms (Beds), and the
number of bathrooms (Baths). She collects data on 36 sales in
Arlington in the first quarter of 2009 for the analysis. A portion
of the data is shown in the accompanying table.
Price
Sqft
Beds
Baths
728000
2399
4
2.5
569077
1731
3
1.5
831833
2800
4
3.0
689000
2200...
A realtor in Arlington, Massachusetts, is analyzing the relationship between the sale price of a home...
A realtor in Arlington, Massachusetts, is analyzing the
relationship between the sale price of a home (Price in $), its
square footage (Sqft), the number of bedrooms (Beds), and the
number of bathrooms (Baths). She collects data on 36 sales in
Arlington in the first quarter of 2009 for the analysis. A portion
of the data is shown in the accompanying table.
Price Sqft Beds Baths
728000 2399 4 2.5
822000 2500 4 2.5
713000 2400 3 3.0
689000 2200 ...
A Realtor examines the factors that influence the price of a house in Arlington, Massachusetts. He...
A Realtor examines the factors that influence the price of a
house in Arlington, Massachusetts. He collects data on recent house
sales (Price) and notes each house’s square footage (Sqft) as well
as its number of bedrooms (Beds) and number of bathrooms (Baths). A
portion of the data is shown in the accompanying table.
Price
Sqft
Beds
Baths
840,000
2,768
4
3.5
822,000
2,500
4
2.5
⋮
⋮
⋮
⋮
307,500
850
1
1
Click here for the Excel Data...
A realtor studies the relationship between the size of a house (in square feet) and the...
A realtor studies the relationship between the size of a house
(in square feet) and the property taxes (in $) owed by the owner.
The table below shows a portion of the data for 20 homes in a
suburb 60 miles outside of New York City. [You may find it useful
to reference the t table.]
Property Taxes
Size
21859
2454
17451
2442
18270
1886
15603
1089
43934
5673
33682
2503
15285
2285
16712
1984
18287
2014
16751
1380
15183...
A realtor studies the relationship between the size of a house (in square feet) and the...
A realtor studies the relationship between the size of a house
(in square feet) and the property taxes (in $) owed by the owner.
The table below shows a portion of the data for 20 homes in a
suburb 60 miles outside of New York City. [You may find it
useful to reference the t table.
Property Taxes
Size
21985
2428
17448
2413
18247
1847
15636
1061
43943
5672
33618
2525
15255
2216
16784
1916
18153
2003
16759
1316
15192...
A realtor studies the relationship between the size of a house (in square feet) and the...
A realtor studies the relationship between the size of a house
(in square feet) and the property taxes (in $) owed by the owner.
The table below shows a portion of the data for 20 homes in a
suburb 60 miles outside of New York City. [You may find it useful
to reference the t table.]
Property Taxes
Size
21983
2438
17449
2409
18152
1854
15624
1089
43968
5622
33616
2589
15285
2230
16752
1932
18177
2052
16795
1385
15132...
A realtor studies the relationship between the size of a house (in square feet) and the...
A realtor studies the relationship between the size of a house
(in square feet) and the property taxes owed by the owner. He
collects the following data on six homes in an affluent suburb 30
miles outside of Chicago. Use Table 2.
Square Feet
Property Taxes ($)
Home 1
4,150
12,527
Home 2
2,780
9,263
Home 3
5,289
22,703
Home 4
2,123
6,450
Home 5
1,581
5,231
Home 6
3,023
7,850
a-1.
Construct a scatterplot....
A realtor studies the relationship between the size of a house (in square feet) and the...
A realtor studies the relationship between the size of a house
(in square feet) and the property taxes (in $) owed by the owner.
The table below shows a portion of the data for 20 homes in a
suburb 60 miles outside of New York City. [You may find it
useful to reference the t table.]
Property Taxes
Size
21892
2498
17421
2419
18170
1877
15679
1011
43962
5607
33657
2575
15300
2248
16789
1984
18108
2021
16794
1311
15113...
A realtor studies the relationship between the size of a house (in square feet) and the...
A realtor studies the relationship between the size of a house
(in square feet) and the property taxes (in $) owed by the owner.
The table below shows a portion of the data for 20 homes in a
suburb 60 miles outside of New York City.
Property Taxes
Size
21872
2434
17403
2423
18286
1875
15608
1043
43950
5637
33649
2524
15224
2214
16748
1926
18248
2006
16722
1339
15144
1379
36037
3043
31004
2866
42122
3304
14368
1504
38994...
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