A MLR model is built to predict the Sales Price of a home (Y) from: Assessed Value (X1) Whether the home has a fireplace (X2) - yes or no The MLR model is: Y=3126.67 + 1.34*X1 + 537.76*X2 What does the 537.76 tell you?
A MLR model is built to predict the Sales Price of a home (Y) from: Assessed Value (X1) Whether the home has a fireplace (X2) - yes or no The MLR model is: Y=3126.67 + 1.34*X1 + 537.76*X2 What does the 537.76 tell you?
Chapter4: Linear Functions
Section4.3: Fitting Linear Models To Data
Problem 5SE: Explain how to interpret the absolute value of acorrelation coefficient.
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A MLR model is built to predict the Sales Price of a home (Y) from:
Assessed Value (X1)
Whether the home has a fireplace (X2) - yes or no
The MLR model is:
Y=3126.67 + 1.34*X1 + 537.76*X2
What does the 537.76 tell you?
Expert Solution
Introduction
If a regression line has one independent variable it is known as simple linear regression. If the regression line has more then one independent variable it is known as multiple linear regression. Each regression line has only one dependent variable. These equations are used to predict the variable based on the effect.
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