One of the biggest factors in determining the value of a home is the square footage. The accompanying data represent the square footage and selling price (in thousands of dollars) for a random sample of homes for sale in a certain regionComplete parts (a) through (h) below.Click the icon to view the housing data.(e) Find the least-squares regression line treating square footage as the explanatory variable.iData Tabley x+(Round to two decimal places as needed.)Selling Price ($000s), ySquare Footage, x(f) Interpret the slope. Select the correct choice below and, if necessary, fill in the answer box to complete your choice.2183376.4A. For every additional thousand dollars in selling price, the square footage increases bysquare feet, on average381.83234(Round to two decimal places as needed.)1108186.8thousand dollars, on average2007342.9B. For every additional square foot, the selling price increases by3061613.7(Round to two decimal places as needed.)2720361.6C. For a house that is sold for $0, the predicted square footage is4171636.8(Round to two decimal places as needed.)385.32264D. For a house that is 0 square feet, the predicted selling price isthousand dollars2724443(Round to two decimal places as needed.)292.41671O E.It is not appropriate to interpret the slope1699257.63924707.9(g) Is it reasonable to interpret the y-intercept? Why? Select the correct choice below and, if necessary, fill in the answer box to complete your choice.A. Yes-a house ofsquare feet is possible and within the scope of the modelPrintDone(Type an integer or a simplified fraction.)B. No-a house ofsquare feet is not possible and outside the scope of the model(Type an integer or a simplified fraction.)C. No-a house ofsquare feet is outside the scope of the model (g) Is it reasonable to interpret the y-intercept? Why? Select the correct choice below and, if necessary, fill in the answer box to complete your choiceA. Yes-a house ofsquare feet is possible and within the scope of the model(Type an integer or a simplified fraction.)B. No-a house ofsquare feet is not possible and outside the scope of the model.(Type an integer or a simplified fraction.)C. No-a house ofsquare feet is outside the scope of the model(Type an integer or a simplified fraction.)D. No-a house ofsquare feet is not possible(Type an integer or a simplified fraction.)O E. More information about the houses is necessary before deciding(h) One home that is 1427 square feet is sold for $215 thousand. Is this home's price above or below average for a home of this size?thousandThe home's price isthe average price. The average price of a home that is 1427 square feet is $(Round to the nearest whole number as needed.)Click to select your answer(s)

Question
Asked Oct 22, 2019

in the attached, I only need help with the last three parts. E, G, and H

thanks

One of the biggest factors in determining the value of a home is the square footage. The accompanying data represent the square footage and selling price (in thousands of dollars) for a random sample of homes for sale in a certain region
Complete parts (a) through (h) below.
Click the icon to view the housing data.
(e) Find the least-squares regression line treating square footage as the explanatory variable.
i
Data Table
y x+
(Round to two decimal places as needed.)
Selling Price ($000s), y
Square Footage, x
(f) Interpret the slope. Select the correct choice below and, if necessary, fill in the answer box to complete your choice.
2183
376.4
A. For every additional thousand dollars in selling price, the square footage increases by
square feet, on average
381.8
3234
(Round to two decimal places as needed.)
1108
186.8
thousand dollars, on average
2007
342.9
B. For every additional square foot, the selling price increases by
3061
613.7
(Round to two decimal places as needed.)
2720
361.6
C. For a house that is sold for $0, the predicted square footage is
4171
636.8
(Round to two decimal places as needed.)
385.3
2264
D. For a house that is 0 square feet, the predicted selling price is
thousand dollars
2724
443
(Round to two decimal places as needed.)
292.4
1671
O E.
It is not appropriate to interpret the slope
1699
257.6
3924
707.9
(g) Is it reasonable to interpret the y-intercept? Why? Select the correct choice below and, if necessary, fill in the answer box to complete your choice.
A. Yes-a house of
square feet is possible and within the scope of the model
Print
Done
(Type an integer or a simplified fraction.)
B. No-a house of
square feet is not possible and outside the scope of the model
(Type an integer or a simplified fraction.)
C. No-a house of
square feet is outside the scope of the model
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One of the biggest factors in determining the value of a home is the square footage. The accompanying data represent the square footage and selling price (in thousands of dollars) for a random sample of homes for sale in a certain region Complete parts (a) through (h) below. Click the icon to view the housing data. (e) Find the least-squares regression line treating square footage as the explanatory variable. i Data Table y x+ (Round to two decimal places as needed.) Selling Price ($000s), y Square Footage, x (f) Interpret the slope. Select the correct choice below and, if necessary, fill in the answer box to complete your choice. 2183 376.4 A. For every additional thousand dollars in selling price, the square footage increases by square feet, on average 381.8 3234 (Round to two decimal places as needed.) 1108 186.8 thousand dollars, on average 2007 342.9 B. For every additional square foot, the selling price increases by 3061 613.7 (Round to two decimal places as needed.) 2720 361.6 C. For a house that is sold for $0, the predicted square footage is 4171 636.8 (Round to two decimal places as needed.) 385.3 2264 D. For a house that is 0 square feet, the predicted selling price is thousand dollars 2724 443 (Round to two decimal places as needed.) 292.4 1671 O E. It is not appropriate to interpret the slope 1699 257.6 3924 707.9 (g) Is it reasonable to interpret the y-intercept? Why? Select the correct choice below and, if necessary, fill in the answer box to complete your choice. A. Yes-a house of square feet is possible and within the scope of the model Print Done (Type an integer or a simplified fraction.) B. No-a house of square feet is not possible and outside the scope of the model (Type an integer or a simplified fraction.) C. No-a house of square feet is outside the scope of the model

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(g) Is it reasonable to interpret the y-intercept? Why? Select the correct choice below and, if necessary, fill in the answer box to complete your choice
A. Yes-a house of
square feet is possible and within the scope of the model
(Type an integer or a simplified fraction.)
B. No-a house of
square feet is not possible and outside the scope of the model.
(Type an integer or a simplified fraction.)
C. No-a house of
square feet is outside the scope of the model
(Type an integer or a simplified fraction.)
D. No-a house of
square feet is not possible
(Type an integer or a simplified fraction.)
O E. More information about the houses is necessary before deciding
(h) One home that is 1427 square feet is sold for $215 thousand. Is this home's price above or below average for a home of this size?
thousand
The home's price is
the average price. The average price of a home that is 1427 square feet is $
(Round to the nearest whole number as needed.)
Click to select your answer(s)
help_outline

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(g) Is it reasonable to interpret the y-intercept? Why? Select the correct choice below and, if necessary, fill in the answer box to complete your choice A. Yes-a house of square feet is possible and within the scope of the model (Type an integer or a simplified fraction.) B. No-a house of square feet is not possible and outside the scope of the model. (Type an integer or a simplified fraction.) C. No-a house of square feet is outside the scope of the model (Type an integer or a simplified fraction.) D. No-a house of square feet is not possible (Type an integer or a simplified fraction.) O E. More information about the houses is necessary before deciding (h) One home that is 1427 square feet is sold for $215 thousand. Is this home's price above or below average for a home of this size? thousand The home's price is the average price. The average price of a home that is 1427 square feet is $ (Round to the nearest whole number as needed.) Click to select your answer(s)

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check_circleExpert Solution
Step 1

According to the provided data, the square footage is the explanatory variable and selling price is the dependent variable.

(e) The least square regression line is obtained using Excel by following the below steps:

  1. Enter the data in the spreadsheet.
  2. Go to Data>Data Analysis>select “Regression”.
  3. Enter the required values in the columns.
  4. Click OK to obtain the result.
SUMMARY OUTPUT
Regression Statis tics
Multiple R
R Square
0.908266526
0.824948082
Adjusted R Square
Standard Error
Observations
0.80744289
69.84179953
12
ANOVA
df
SS
MS
gnificance F
F
Regression
Residual
1
229874.3871 229874.4 47.12591 4.38E-05
10
48778.76961 4877.877
Total
11
278653.1567
Lower 95%Upper 95 % ower 95.0pper 95.0%
Coefficients Standard Error
P-value
t Stat
Intercept
Square Footage,x
14.34762689
61.81847691 0.232093 0.821147 -123.393 152.0878 -123.393 152.0878
0.156472355
0.022793328 6.864831 4.38E-05 0.105686 0.207259 0.105686 0.207259
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SUMMARY OUTPUT Regression Statis tics Multiple R R Square 0.908266526 0.824948082 Adjusted R Square Standard Error Observations 0.80744289 69.84179953 12 ANOVA df SS MS gnificance F F Regression Residual 1 229874.3871 229874.4 47.12591 4.38E-05 10 48778.76961 4877.877 Total 11 278653.1567 Lower 95%Upper 95 % ower 95.0pper 95.0% Coefficients Standard Error P-value t Stat Intercept Square Footage,x 14.34762689 61.81847691 0.232093 0.821147 -123.393 152.0878 -123.393 152.0878 0.156472355 0.022793328 6.864831 4.38E-05 0.105686 0.207259 0.105686 0.207259

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Step 2

From the obtained output, the least square regression line is,

j = 14.35+0.16x
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j = 14.35+0.16x

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Step 3

(g) The y intercept can be defined as the expected mean value of y when the value of x is equal to 0.

It is not making any sense having the selling pri...

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