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The accompanying table shows a portion of a data set that refers to the property taxes...

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Basic Math

The accompanying table shows a portion of a data set that refersto the property taxes owed by a homeowner (in $) and the size ofthe home (in square feet) in an affluent suburb 30 miles outsideNew York City.

219182359
173182340
182841936
156241094
439985664
336702577
151582139
166911856
182782052
160701357
151811222
360773110
310372782
420613446
143651524
389713976
253134014
229842332
162103586
292292807

a. Estimate the sample regression equation that enables us topredict property taxes on the basis of the size of the home. (Roundyour answers to 2 decimal places.)

Taxesˆ = _____ + _____Size.

b. Interpret the slope coefficient.

As Size increases by 1 square foot, the property taxes arepredicted to increase by $6.85.

As Property Taxes increase by 1 dollar, the size of the houseincreases by 6.85 ft.

c. Predict the property taxes for a 1,200-square-foot home.(Round coefficient estimates to at least 4 decimal places and finalanswer to 2 decimal places.) Taxesˆ

Answer & Explanation Solved by verified expert
4.3 Ratings (583 Votes)
a Consider the variablesY Property taxesX Size of homeThe simple linear equation Y on X isy a b xa yinterceptb slope of    See Answer
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