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We take a random sample of houses currently for sale in Rexburg and we want to use the sqare footage of a house to predict it's corresponding sale price. Alter regression, we find the regression equation to be: Y- 80000 + 160 X. Use this information to answer all parts

We take a random sample of houses currently for sale in Rexburg and we want to use the sqare footage of a house to predict it's corresponding sale price. Alter regression, we find the regression equation to be: Y- 80000 + 160 X. Use this information to answer all parts

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
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
Chapter5: A Survey Of Other Common Functions
Section5.3: Modeling Data With Power Functions
Problem 6E: Urban Travel Times Population of cities and driving times are related, as shown in the accompanying...
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We take a random sample of houses currently for sale in Rexburg and we want to use the square footage of a house to predict it's corresponding sale price. After regression, we find the regression equation to be: Y- 80000 + 160 X. Use this information to answer all parts.
Transcribed Image Text:We take a random sample of houses currently for sale in Rexburg and we want to use the square footage of a house to predict it's corresponding sale price. After regression, we find the regression equation to be: Y- 80000 + 160 X. Use this information to answer all parts.
Part 1: Which is the explanatory variable? O All houses currently for sale in Rexburg O All houses in our sample of houses currently for sale in Rexburg O Square footage of a house O Price of a house Part 2: What would be the response variable? O All houses currently for sale in Rexburg O All houses in our sample of houses currently for sale in Rexburg O Square footage of a house O Price of house Part 3: Based on the material taught in this course, which of the followingis the most apporte hypothesis to determine if the square footage of a house has a statistically signifcant ler oi with the price of the house? O Ho : Bo = 0 O Ho : B + 43 O Ho : Bi 0 O He : B = 43 O Ho : Bi =0 Part 4: Based on the data, the agency decides to reject their null hypothesis. How should they state their conclusion? O There is insufficient evidence to say that there is a linear relationship between the square footage and the sale price of the house. O There is sufficient evidence to say that true slope of the regression line is not 0.01. O There is sufficient evidence to say that there is a linear relationship between the square footage and the sale price of a house. There is sufficient evidence to say that there is NO linear relationship between the square footage and the sale nrice of a house. Part 5: Predict the sale price of a house that has a size of 1700 square feet.
Transcribed Image Text:Part 1: Which is the explanatory variable? O All houses currently for sale in Rexburg O All houses in our sample of houses currently for sale in Rexburg O Square footage of a house O Price of a house Part 2: What would be the response variable? O All houses currently for sale in Rexburg O All houses in our sample of houses currently for sale in Rexburg O Square footage of a house O Price of house Part 3: Based on the material taught in this course, which of the followingis the most apporte hypothesis to determine if the square footage of a house has a statistically signifcant ler oi with the price of the house? O Ho : Bo = 0 O Ho : B + 43 O Ho : Bi 0 O He : B = 43 O Ho : Bi =0 Part 4: Based on the data, the agency decides to reject their null hypothesis. How should they state their conclusion? O There is insufficient evidence to say that there is a linear relationship between the square footage and the sale price of the house. O There is sufficient evidence to say that true slope of the regression line is not 0.01. O There is sufficient evidence to say that there is a linear relationship between the square footage and the sale price of a house. There is sufficient evidence to say that there is NO linear relationship between the square footage and the sale nrice of a house. Part 5: Predict the sale price of a house that has a size of 1700 square feet.
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