Question
In: Math
Find the best regression equation that gives selling price as a function of living area, taxes,...
Find the best regression equation that gives selling price as a function of living area, taxes, acreage and rooms.
| House Selling Price | |||||
| Problem taken from Triola. Elementary Statistics. Addison-Wesley | |||||
| House | Selling Price | Living Area | Taxes | Acreage | Rooms |
| $1,000 | 100 sq. ft | $1,000 | |||
| 1 | 145 | 15 | 1.9 | 2 | 5 |
| 2 | 228 | 38 | 3 | 3.6 | 11 |
| 3 | 150 | 23 | 1.4 | 1.8 | 9 |
| 4 | 130 | 16 | 1.4 | 0.53 | 7 |
| 5 | 160 | 16 | 1.5 | 0.5 | 7 |
| 6 | 114 | 13 | 1.8 | 0.31 | 7 |
| 7 | 142 | 20 | 2.4 | 0.75 | 9 |
| 8 | 265 | 24 | 4 | 2 | 7 |
Solutions
Expert Solution
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The best regression function which gives a relation of Price by living area (X1) , taxes (X2) , acreage (X3) and rooms (X4) is the following.
I have performed the linear regression analysis below.
The best -fit line is therefore,
Price^ = 139.12 + 13.61*Living Area + 21.18*Taxes - 36.49*Acreage - 31.83*Rooms
milcah answered 1 year agoRelated Solutions
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3
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3
20
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2,208
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4
20
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2,550
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3
20
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1,812
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2
20
$137,000
1,290
1
2
20
$150,000
1,172
2
2
20
$649,000
4,128
3.5
3
20
$195,000
1,816
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