Below is the computer output for the appraised value (in thousands of dollars) and number of rooms for houses in East Meadow, New York. Predict the price of a 9 room house (in thousands of dollars) The regression equation is value 748+19.7 rooms Coef 9.718 R-sq 43.896 Stdev 19.04 2.631 t-ratio 3.93 7.49 Constant Rooms S 29.05 Analysis of Variance Source R-sq (adj) 43.0% MS 47398 844 DF 47398 60775 108173 Regression rror Total 72 73 a) 370.262 b) 257.262 c) 252.262 d) 362.262 e) 756.786 f) None of the above

The regression equation for predicting the appraised value (in thousands of dollars) from the number of rooms for houses in East Meadow, New York is as follows:

[tex]\text{Value}=748+19.7\ \text{Rooms}[/tex]

Compute the price of a 9 room house as follows:

[tex]\text{Value}=748+19.7\ \text{Rooms}[/tex]

[tex]=748+(19.7\times 9)\\\\=748+177.3\\\\=925.3[/tex]

Thus, the predicted price of a 9 room house is $925.3 K.

MrRoyal MrRoyal · Answer 2 · 2021-11-25T14:10:09+01:00

The price of a 9-room house is (c) $252.262

The regression equation is given as:

[tex]\mathbf{y = 74.8 + 19.7 \times rooms}[/tex]

For a 9-room house, we have:

Rooms = 9

Substitute 9 for rooms in the above regression equation

[tex]\mathbf{y = 74.8 + 19.7 \times 9}[/tex]

Multiply

[tex]\mathbf{y = 74.8 + 177.3}[/tex]

Add

[tex]\mathbf{y = 252.1}[/tex]

The closest to this value is (c) $252.262

Hence, the price of a 9-room house is (c) $252.262

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