A landscaping company has collected data on home values (in thousands of $) and expenditures (in thousands of $) on landscaping with the hope of developing a predictive model to help marketing to potential new clients. Suppose the following table represents data for 14 households. Home Value ($1,000) Landscaping Expenditures ($1,000) 243 8.2 322 10.7 199 12.3 340 16.3 300 15.7 400 18.8
A landscaping company has collected data on home values (in thousands of $) and expenditures (in thousands of $) on landscaping with the hope of developing a predictive model to help marketing to potential new clients. Suppose the following table represents data for 14 households. Home Value ($1,000) Landscaping Expenditures ($1,000) 243 8.2 322 10.7 199 12.3 340 16.3 300 15.7 400 18.8
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter5: A Survey Of Other Common Functions
Section5.3: Modeling Data With Power Functions
Problem 6E: Urban Travel Times Population of cities and driving times are related, as shown in the accompanying...
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A landscaping company has collected data on home values (in thousands of $) and expenditures (in thousands of $) on landscaping with the hope of developing a predictive model to help marketing to potential new clients. Suppose the following table represents data for 14 households.
Home Value ($1,000) |
Landscaping Expenditures ($1,000) |
---|---|
243 | 8.2 |
322 | 10.7 |
199 | 12.3 |
340 | 16.3 |
300 | 15.7 |
400 | 18.8 |
800 | 23.5 |
200 | 9.5 |
522 | 17.5 |
548 | 22.0 |
438 | 12.2 |
463 | 13.5 |
635 | 17.8 |
357 | 13.8 |
a. Use the least squares method to develop the estimated regression equation. (Let x = home value (in thousands of $), and let y = landscaping expenditures (in thousands of $). Round your numerical values to five decimal places.)
b. Use the equation estimated in part (b) to predict the landscaping expenditures (in $) for a home valued at $275,000. (Round your answer to the nearest dollar.)
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