Reference no: EM132474325
With the aim of predicting the selling price of a house in Newburg Park, Florida, from the distance between the house and the beach, we might examine a regression equation relating the two variables. In the table below, the distance from the beach (x, in miles) and selling price (y, in thousands of dollars) for each of a sample of fifteen homes sold in Newburg Park in the past year are given.
The least-squares regression equation relating the two variables is...... y(with a triangle over top) = 312.81 - 6.57x.
Distance from the beach, x (in miles) Selling price, y (in thousands of dollars)
5.4 269.0
13.0 203.6
7.3 210.3
3.9 313.9
10.9 200.8
14.0 262.5
12.6 232.3
9.9 229.2
14.0 188.5
16.6 212.7
6.9 277.6
6.9 286.9
7.0 239.0
6.4 313.1
12.6 284.5
Fill in the blank: For these data, distances from the beach that are less than the mean of the distances from the beach tend to be paired with house prices that are _____ the mean of the house prices. Would it be greater than or less than?
2. According to the regression equation, for an increase of one mile in distance from the beach, there is a corresponding decrease of how many thousand dollars in house price?
3. From the regression equation, what is the predicted house price (in thousands of dollars) when the distance (in miles) from the beach is 6.4 miles? (Round to at least one decimal place.)
4. What was the observed house price (in thousands of dollars) when the distance (in miles) from the beach was 6.4 miles?
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