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

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

3557

29272

2878

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.)

TaxesˆTaxes^ =  +  Size.

b. Interpret the slope coefficient.

  • As Property Taxes increase by 1 dollar, the size of the house increases by 6.91 ft.

  • As Size increases by 1 square foot, the property taxes are predicted to increase by $6.91.


c. Predict the property taxes for a 1,200-square-foot home. (Round coefficient estimates to at least 4 decimal places and final answer to 2 decimal places.)

  TaxesˆTaxes^               

Solutions

Expert Solution


m=6.2373 and c=8469.8715

c. property tax= 15954.63.


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