Data was gathered from several homes for sale in Cincinnati Ohio, in order to examine the relationship between the size of the house (measured in square feet) and the price of the house (measured in dollars). Suppose you learn the relationship between these variables is linear and positive. When a regression equation is constructed in order to predict the price of a house based on its size, the equation is found to explain 54.7% of the variability in price. This means that within this data set, the correlation, or r, between the house size and house price must be equal to approximately 55.74.30.27.81.

Given that When a regression equation is constructed in order to predict the price of a house based…

Answered: Data was gathered from several homes…

4th Edition

ISBN:9781285463247

Author:David Poole

Publisher:David Poole

Chapter7: Distance And Approximation

Section7.3: Least Squares Approximation

Problem 31EQ

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Data was gathered from several homes for sale in Cincinnati Ohio, in order to examine the relationship between the size of the house (measured in square feet) and the price of the house (measured in dollars). Suppose you learn the relationship between these variables is linear and positive. When a regression equation is constructed in order to predict the price of a house based on its size, the equation is found to explain 54.7% of the variability in price. This means that within this data set, the correlation, or r, between the house size and house price must be equal to approximately

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