Size (1000s sq. ft) Selling Price ($1000s) 1.26 $118 3.02 $300 1.99 $139 0.91 $46 1.87 $130 2.63 $275 2.60 $260 2.27 $177 2.30 $175 2.08 $190 1.12 $95 1.38 $82 1.80 $169 1.57 $97 1.45 $115 Is the number of square feet of living space a good predictor of a house’s selling price? The following data collected in April, 2015, show the square footage and selling price for fifteen houses in Winston Salem, North Carolina. B From the output the regression equation is -59.0156 + 115.0915x Hypotheses: Null hypothesis: there is no relationship between the two variables. Conclusion: From the regression analysis output, the Significance F is observed to be 0.0000 (p-value). Since p-value is less than 0.05, the null hypothesis is rejected at 5% level. There is sufficient evidence to conclude that there a significant relationship between the two variables. Questions: Do you believe the estimated regression equation developed in part (b) will provide a good prediction of selling price of a particular house in Winston Salem, North Carolina? Explain. e. Would you be comfortable using the estimated regression equation developed in part (b) to predict the selling price of a particular house in Seattle, Washington? Why or why not?

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)

6th Edition

ISBN:9781337111348

Author:Bruce Crauder, Benny Evans, Alan Noell

Publisher:Bruce Crauder, Benny Evans, Alan Noell

Chapter2: Graphical And Tabular Analysis

Section2.3: Solving Linear Equations

Problem 3E

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Related questions

Question

Size (1000s sq. ft)	Selling Price ($1000s)
1.26	$118
3.02	$300
1.99	$139
0.91	$46
1.87	$130
2.63	$275
2.60	$260
2.27	$177
2.30	$175
2.08	$190
1.12	$95
1.38	$82
1.80	$169
1.57	$97
1.45	$115

Is the number of square feet of living space a good predictor of a house’s selling price? The following data collected in April, 2015, show the square footage and selling price for fifteen houses in Winston Salem, North Carolina.

B From the output the regression equation is -59.0156 + 115.0915x
Hypotheses:
Null hypothesis: there is no relationship between the two variables.
Conclusion:
From the regression analysis output, the Significance F is observed to be 0.0000 (p-value).
Since p-value is less than 0.05, the null hypothesis is rejected at 5% level.
There is sufficient evidence to conclude that there a significant relationship between the two variables. Questions: Do you believe the estimated regression equation developed in part (b) will provide a good prediction of selling price of a particular house in Winston Salem, North Carolina? Explain. e. Would you be comfortable using the estimated regression equation developed in part (b) to predict the selling price of a particular house in Seattle, Washington? Why or why not? please do not handwrite...thank you