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Let sale denote a house's sale price in thousands of dollars (so sale = 2 means a sale price of $2000), sqft denote square footage, and bedrooms denote the number of bedrooms. We estimate the model sale = B1 + B2 log(sqft) + ßzbedrooms + e in R and obtain the following output from our regression: ## Coefficients: ## Estimate Std. Error t value Pr(>[t|) ## (Intercept) -1321.00 ## log(sqft) 65.42 -20.20 <2e-16 *** 192.00 10.04 19.13 <2e-16 *** ## bedrooms 0.98 5.75 0.17 0.865 ## --- ## Signif. codes: O ****' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1 ## ## Residual standard error: 94.64 on 1077 degrees of freedom ## Multiple R-squared: 0.4083, Adjusted R-squared: 0.4072 ## F-statistic: 371.5 on 2 and 1077 DF, p-value: < 2.2e-16 Which of the following statements is correct? O a. We estimate that increasing square footage by 10% increases expected sale price by $19.2. O b. We estimate that increasing square footage by 10 increases expected sale price by $19.2. O c. We estimate that increasing square footage by 10% increases expected sale price by $1920. O d. We estimate that increasing square footage by 10 increases expected sale price by $19200. O e. We estimate that increasing square footage by 10 increases expected sale price by $1920. Of. We estimate that increasing square footage by 10% increases expected sale price by $19200. Clear my choice

Let sale denote a house's sale price in thousands of dollars (so sale = 2 means a sale price of $2000), sqft denote square footage, and bedrooms denote the number of bedrooms. We estimate the model sale = B1 + B2 log(sqft) + ßzbedrooms + e in R and obtain the following output from our regression: ## Coefficients: ## Estimate Std. Error t value Pr(>[t|) ## (Intercept) -1321.00 ## log(sqft) 65.42 -20.20 <2e-16 *** 192.00 10.04 19.13 <2e-16 *** ## bedrooms 0.98 5.75 0.17 0.865 ## --- ## Signif. codes: O ****' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1 ## ## Residual standard error: 94.64 on 1077 degrees of freedom ## Multiple R-squared: 0.4083, Adjusted R-squared: 0.4072 ## F-statistic: 371.5 on 2 and 1077 DF, p-value: < 2.2e-16 Which of the following statements is correct? O a. We estimate that increasing square footage by 10% increases expected sale price by $19.2. O b. We estimate that increasing square footage by 10 increases expected sale price by $19.2. O c. We estimate that increasing square footage by 10% increases expected sale price by $1920. O d. We estimate that increasing square footage by 10 increases expected sale price by $19200. O e. We estimate that increasing square footage by 10 increases expected sale price by $1920. Of. We estimate that increasing square footage by 10% increases expected sale price by $19200. Clear my choice

College Algebra
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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Let sale denote a house's sale price in thousands of dollars (so sale = 2 means a sale price of $2000), sqft denote square footage, and bedrooms denote the number of bedrooms. We estimate the model sale = B1 + B2 log(sqft) + ßzbedrooms + e in R and obtain the following output from our regression: ## Coefficients: ## Estimate Std. Error t value Pr(>|t|) ## (Intercept) -1321.00 ## log (sqft) 65.42 -20.20 <2e-16 *** 192.00 10.04 19.13 <2e-16 *** ## bedrooms 0.98 5.75 0.17 0.865 ## --- ## Signif. codes: O '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1 #2# ## Residual standard error: 94.64 on 1077 degrees of freedom ## Multiple R-squared: 0.4083, Adjusted R-squared: 0.4072 ## F-statistic: 371.5 on 2 and 1077 DF, p-value: < 2.2e-16 Which of the following statements is correct? O a. We estimate that increasing square footage by 10% increases expected sale price by $19.2. O b. We estimate that increasing square footage by 10 increases expected sale price by $19.2. С. We estimate that increasing square footage by 10% increases expected sale price by $1920. O d. We estimate that increasing square footage by 10 increases expected sale price by $19200. O e. We estimate that increasing square footage by 10 increases expected sale price by $1920. O f. We estimate that increasing square footage by 10% increases expected sale price by $19200. Clear my choice
Transcribed Image Text:Let sale denote a house's sale price in thousands of dollars (so sale = 2 means a sale price of $2000), sqft denote square footage, and bedrooms denote the number of bedrooms. We estimate the model sale = B1 + B2 log(sqft) + ßzbedrooms + e in R and obtain the following output from our regression: ## Coefficients: ## Estimate Std. Error t value Pr(>|t|) ## (Intercept) -1321.00 ## log (sqft) 65.42 -20.20 <2e-16 *** 192.00 10.04 19.13 <2e-16 *** ## bedrooms 0.98 5.75 0.17 0.865 ## --- ## Signif. codes: O '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1 #2# ## Residual standard error: 94.64 on 1077 degrees of freedom ## Multiple R-squared: 0.4083, Adjusted R-squared: 0.4072 ## F-statistic: 371.5 on 2 and 1077 DF, p-value: < 2.2e-16 Which of the following statements is correct? O a. We estimate that increasing square footage by 10% increases expected sale price by $19.2. O b. We estimate that increasing square footage by 10 increases expected sale price by $19.2. С. We estimate that increasing square footage by 10% increases expected sale price by $1920. O d. We estimate that increasing square footage by 10 increases expected sale price by $19200. O e. We estimate that increasing square footage by 10 increases expected sale price by $1920. O f. We estimate that increasing square footage by 10% increases expected sale price by $19200. Clear my choice
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