Question

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	3567
29294	2861

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

b. Interpret the slope coefficient.

a. As Property Taxes increase by 1 dollar, the size of the house increases by 6.78 ft.

b. As Size increases by 1 square foot, the property taxes are predicted to increase by $6.78.

c. 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.)

taxes _________

Answer 1