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Get Full Access to Stats Modeling The World - 4 Edition - Chapter Part ii - Problem 21
Get Full Access to Stats Modeling The World - 4 Edition - Chapter Part ii - Problem 21

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# New homes A real estate agent collects data to develop a model that will use the Size of ISBN: 9780321854018 481

## Solution for problem 21 Chapter Part II

Stats Modeling the World | 4th Edition

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Problem 21

New homes A real estate agent collects data to develop a model that will use the Size of a new home (in square feet) to predict its Sale Price (in thousands of dollars). Which of these is most likely to be the slope of the regression line: 0.008, 0.08, 0.8, or 8? Explain.

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Note: Lecture 17 gives example problems for using the probability table for standard normal probabilities Introducing sampling distribution of statistic- Probability model of sample mean, and the central limit theorem: - Fundamental question: How do we measure if a statistic of a study indicates a “real” effect as opposed to a result of random variation o To answer this, we need to look at the sampling distribution – the probability distribution of all possible values of a statistic (from repeated samples of same size from the same population) o The principle: to imagine all possible samples that could have been obtained

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##### ISBN: 9780321854018

The answer to “New homes A real estate agent collects data to develop a model that will use the Size of a new home (in square feet) to predict its Sale Price (in thousands of dollars). Which of these is most likely to be the slope of the regression line: 0.008, 0.08, 0.8, or 8? Explain.” is broken down into a number of easy to follow steps, and 53 words. This full solution covers the following key subjects: . This expansive textbook survival guide covers 31 chapters, and 1357 solutions. Stats Modeling the World was written by and is associated to the ISBN: 9780321854018. The full step-by-step solution to problem: 21 from chapter: Part II was answered by , our top Statistics solution expert on 03/16/18, 04:57PM. Since the solution to 21 from Part II chapter was answered, more than 239 students have viewed the full step-by-step answer. This textbook survival guide was created for the textbook: Stats Modeling the World, edition: 4.

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