Question

ScatterPlot of Median Listing Price vs. Median Sq Ft. y = 146.97x + 51300 $R^2$ = 0.7571

          ScatterPlot of Median Listing Price vs. Median Sq Ft.
y = 146.97x + 51300
$R^2$ = 0.7571

Added by Andr-S D.

Elementary Statistics a Step by Step Approach

Allan G. Bluman 9th Edition

Instant Answer

Solved by Expert Keondre Parker

05/22/2023

Step 1

97*1500 + 51300. - The slope of 146.97 represents the increase in the median listing price for every additional square foot of the home. In this case, for every additional square foot, the median listing price is expected to increase by $146.97. - The intercept of Show more…

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The regression equation is Y = 146.97*1500 + 51300. Interpret regression equation: Interpret the slope and intercept in context. For example, answer the questions: What does the slope represent in this situation? What does the intercept represent? Strength of the equation: Provide and interpret R-squared. Determine the strength of the linear regression equation you developed. Use the regression equation to make predictions: Use the regression equation to predict how much you should list your home for based on the assumed square footage of your home at 1500 square feet. ScatterPlot of Median Listing Price vs. Median Sq Ft 1,000,000 900,000 y = 146.97 + 51300 800,000 R^2 = 0.7571 600,000 200,000 100,000 1,000 2,000 3,000 4,000 Median Square Feet 5,000 6,000