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Seventy homes for sale in Daytona Beach, Florida, were randomly selected in the Spring of 2023. A regression model to predict house price was run based on square footage and the indicator variable for the Condo (1 if a house was a Condo, 0 if not). There was also an interaction term for squarefootage Condo. Term Intercept Condo square footage Estimate Std. Error -92.27 51.04 -67.62 29.87 0.216 0.013 squarefootage Condo 1.502 0.002 How would you interpret the slope coefficient for squarefootage Condo? O Condos are less expensive by a set amount than elsewhere, but you don't pay extra per square footage. Condos are more expensive by a set amount than elsewhere, but you don't pay extra per square footage. O The slope of the relationship between square footage and the price is less steep for Condos than for other residences. The slope of the relationship between square footage and the price is steeper for Condos than for other residences

Seventy homes for sale in Daytona Beach, Florida, were randomly selected in the Spring of 2023. A regression model to predict house price was run based on square footage and the indicator variable for the Condo (1 if a house was a Condo, 0 if not). There was also an interaction term for squarefootage Condo. Term Intercept Condo square footage Estimate Std. Error -92.27 51.04 -67.62 29.87 0.216 0.013 squarefootage Condo 1.502 0.002 How would you interpret the slope coefficient for squarefootage Condo? O Condos are less expensive by a set amount than elsewhere, but you don't pay extra per square footage. Condos are more expensive by a set amount than elsewhere, but you don't pay extra per square footage. O The slope of the relationship between square footage and the price is less steep for Condos than for other residences. The slope of the relationship between square footage and the price is steeper for Condos than for other residences

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter4: Equations Of Linear Functions
Section4.5: Correlation And Causation
Problem 11PPS
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Seventy homes for sale in Daytona Beach, Florida, were randomly selected in the Spring of 2023. A regression model to predict house price was run based on square footage and the indicator variable for the Condo (1 if a house was a Condo, O if not). There was also an interaction term for squarefootage Condo. Term Intercept Condo square footage Estimate Std. Error -92.27 51.04 -67.62 29.87 0.216 0.013 0.002 squarefootage Condo 1.502 How would you interpret the slope coefficient for squarefootage Condo? Condos are less expensive by a set amount than elsewhere, but you don't pay extra per square footage. O Condos are more expensive by a set amount than elsewhere, but you don't pay extra per square footage. The slope of the relationship between square footage and the price is less steep for Condos than for other residences. The slope of the relationship between square footage and the price is steeper for Condos than for other residences
Transcribed Image Text:Seventy homes for sale in Daytona Beach, Florida, were randomly selected in the Spring of 2023. A regression model to predict house price was run based on square footage and the indicator variable for the Condo (1 if a house was a Condo, O if not). There was also an interaction term for squarefootage Condo. Term Intercept Condo square footage Estimate Std. Error -92.27 51.04 -67.62 29.87 0.216 0.013 0.002 squarefootage Condo 1.502 How would you interpret the slope coefficient for squarefootage Condo? Condos are less expensive by a set amount than elsewhere, but you don't pay extra per square footage. O Condos are more expensive by a set amount than elsewhere, but you don't pay extra per square footage. The slope of the relationship between square footage and the price is less steep for Condos than for other residences. The slope of the relationship between square footage and the price is steeper for Condos than for other residences
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