Let y represent house price measured in thousand dollars. Let x and x2 represent the logarithm of land size measured in square meters and number of bedrooms, respectively. Suppose the estimated model is In (9) = 10 + 2X,+ 0.1X. Which of the following statements is the most accurate? O a. The house price is predicted to increase by 10 per cent for every 1 per cent increase of number of bedrooms holding land size constant. O b. The house price is predicted to be 10 thousand dollars when land size is O and number of bedrooms is O. O c. The house price is predicted to increase by 2 thousand dollars for every 1 per cent increase of land size holding number of bedrooms constant. O d. The house price is predicted to increase by 2 per cent for every 1 per cent increase of land size holding number of bedrooms constant. O e. None of the answers provided.
Let y represent house price measured in thousand dollars. Let x and x2 represent the logarithm of land size measured in square meters and number of bedrooms, respectively. Suppose the estimated model is In (9) = 10 + 2X,+ 0.1X. Which of the following statements is the most accurate? O a. The house price is predicted to increase by 10 per cent for every 1 per cent increase of number of bedrooms holding land size constant. O b. The house price is predicted to be 10 thousand dollars when land size is O and number of bedrooms is O. O c. The house price is predicted to increase by 2 thousand dollars for every 1 per cent increase of land size holding number of bedrooms constant. O d. The house price is predicted to increase by 2 per cent for every 1 per cent increase of land size holding number of bedrooms constant. O e. None of the answers provided.
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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Transcribed Image Text:Let y represent house price measured in thousand dollars. Let x, and x, represent the logarithm of land
size measured in square meters and number of bedrooms, respectively. Suppose the estimated model is
In (9) = 10 + 2X,+ 0.1X. Which of the following statements is the most accurate?
O a. The house price is predicted to increase by 10 per cent for every 1
per cent increase of number of bedrooms holding land size
constant.
O b. The house price is predicted to be 10 thousand dollars when land
size is O and number of bedrooms is O.
O c. The house price is predicted to increase by 2 thousand dollars for
every 1 per cent increase of land size holding number of bedrooms
constant.
O d. The house price is predicted to increase by 2 per cent for every 1
per cent increase of land size holding number of bedrooms
constant.
O e. None of the answers provided.
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