A real estate agent wants to predict the selling price of single-family homes from the size of each house. A scatterplot created from a sample of houses shows an exponential relationship between price, in thousands of dollars, and size, in 100 square feet. To create a linear model, the natural logarithm of price was taken and the least-squares regression line was given as In( price = 2.08 + 0.11( size). Based on the model, which of the following is closest to the predicted selling price for a house with a size of 3,200 square feet? A $54,500 B $270,000 $354,000 $398,000 E $560,000

A real estate agent wants to predict the selling price of single-family homes from the size of each house. A scatterplot created from a sample of houses shows an exponential relationship between price, in thousands of dollars, and size, in 100 square feet. To create a linear model, the natural logarithm of price was taken and the least-squares regression line was given as In( price = 2.08 + 0.11( size). Based on the model, which of the following is closest to the predicted selling price for a house with a size of 3,200 square feet? A $54,500 B $270,000 $354,000 $398,000 E $560,000

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section6.8: Fitting Exponential Models To Data

Problem 3TI: Table 6 shows the population, in thousands, of harbor seals in the Wadden Sea over the years 1997 to...

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