Asked by Trisha

x=square footage of a house
y=asking price in thousands of the house.
x goes from 1200 square feet to 1500 square feet. the regression equation is
y^= .0686x+83.24
A. what are the explanatory and response variables?
B. Interpret the slope.
C. Is it reasonable to interpret the y-intercept? why or why not?
D. Is it safe to use x=3000 to predict y? why or why not?
Answered by Trisha
the explanatory variable would be X the square footage of a house which is .0686

and the response variable would be Y the asking price in thousands of the house which is 83.24 .

I am confused on how to figure out the rest of the problem.
Answered by bobpursley
the slope x is the amount price per square slope increase per sqauare foot.
the y intercept is a base price for buying a house at all, even with zero sq ft.
It is safe to use the equation to predict for other sg feet.
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