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Housing Prices The data in the tablegive the square footages and sales prices ofn 12

Introduction to Probability and Statistics 1 | 14th Edition | ISBN: 9781133103752 | Authors: William Mendenhall Robert J. Beaver, Barbara M. Beaver ISBN: 9781133103752 255

Solution for problem 42 Chapter 12.7

Introduction to Probability and Statistics 1 | 14th Edition

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Introduction to Probability and Statistics 1 | 14th Edition | ISBN: 9781133103752 | Authors: William Mendenhall Robert J. Beaver, Barbara M. Beaver

Introduction to Probability and Statistics 1 | 14th Edition

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Problem 42

Housing Prices The data in the tablegive the square footages and sales prices ofn 12 houses randomly selected from those sold in asmall city. Use the MINITAB printout to answer thequestions.Square Feet, x Price, y Square Feet, x Price, y1460 $288,700 1977 $305,4002108 309,300 1610 297,0001743 301,400 1530 292,4001499 291,100 1759 298,2001864 302,400 1821 304,3002391 314,900 2216 311,700 MINITAB output for Exercise 12.42a. Can you see any pattern other than a linear relationshipin the original plot?b. The value of r 2 for these data is .957. What doesthis tell you about the fit of the regression line?c. Look at the accompanying diagnostic plots for thesedata. Do you see any pattern in the residuals? Doesthis suggest that the relationship between price andsquare feet is something other than linear?Diagnostic plots for Exercise 12.423000200010000100020003000 290,000 295,000 300,000 305,000 310,000 315,000 320,000Fitted ValueResiduals versus the Fitted Values(response is y)Residual 9995908070605040302010515000 4000 3000 2000 1000 0 1000 2000 3000 4000ResidualNormal Probability Plot of the Residuals(response is y)PercentRegression Analysis: y versus xThe regression equation isy = 251206 + 27.4 xPredictor Coef SE Coef T PConstant 251206 3389 74.13 0.000x 27.406 1.828 14.99 0.000S = 1792.72 R-Sq = 95.7% R-Sq(adj) = 95.3%Predicted Values for New ObservationsNew Obs Fit SE Fit 95.0% CI 95.0% PI1 299989 526 (298817, 301161) (295826, 304151)2 306018 602 (304676, 307360) (301804, 310232)Values of Predictors for New ObservationsNew Obs x1 17802 2000

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CLARA AND TED HAZELBAKER SCHOLARSHIP SPONSORED BY PIONEER FEDERAL SAVINGS AND LOAN Pioneer Federal Savings and Loan Association is most pleased to sponsor the Clara and Ted Hazelbaker Scholarship, a continuing education scholarship awarded annually to a worthy Beaverhead County High School graduate. The late Ted Hazelbaker was a life long Dillon resident who along...

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Chapter 12.7, Problem 42 is Solved
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Textbook: Introduction to Probability and Statistics 1
Edition: 14
Author: William Mendenhall Robert J. Beaver, Barbara M. Beaver
ISBN: 9781133103752

The full step-by-step solution to problem: 42 from chapter: 12.7 was answered by , our top Statistics solution expert on 01/18/18, 04:57PM. The answer to “Housing Prices The data in the tablegive the square footages and sales prices ofn 12 houses randomly selected from those sold in asmall city. Use the MINITAB printout to answer thequestions.Square Feet, x Price, y Square Feet, x Price, y1460 $288,700 1977 $305,4002108 309,300 1610 297,0001743 301,400 1530 292,4001499 291,100 1759 298,2001864 302,400 1821 304,3002391 314,900 2216 311,700 MINITAB output for Exercise 12.42a. Can you see any pattern other than a linear relationshipin the original plot?b. The value of r 2 for these data is .957. What doesthis tell you about the fit of the regression line?c. Look at the accompanying diagnostic plots for thesedata. Do you see any pattern in the residuals? Doesthis suggest that the relationship between price andsquare feet is something other than linear?Diagnostic plots for Exercise 12.423000200010000100020003000 290,000 295,000 300,000 305,000 310,000 315,000 320,000Fitted ValueResiduals versus the Fitted Values(response is y)Residual 9995908070605040302010515000 4000 3000 2000 1000 0 1000 2000 3000 4000ResidualNormal Probability Plot of the Residuals(response is y)PercentRegression Analysis: y versus xThe regression equation isy = 251206 + 27.4 xPredictor Coef SE Coef T PConstant 251206 3389 74.13 0.000x 27.406 1.828 14.99 0.000S = 1792.72 R-Sq = 95.7% R-Sq(adj) = 95.3%Predicted Values for New ObservationsNew Obs Fit SE Fit 95.0% CI 95.0% PI1 299989 526 (298817, 301161) (295826, 304151)2 306018 602 (304676, 307360) (301804, 310232)Values of Predictors for New ObservationsNew Obs x1 17802 2000” is broken down into a number of easy to follow steps, and 228 words. Introduction to Probability and Statistics 1 was written by and is associated to the ISBN: 9781133103752. This full solution covers the following key subjects: . This expansive textbook survival guide covers 56 chapters, and 1255 solutions. Since the solution to 42 from 12.7 chapter was answered, more than 222 students have viewed the full step-by-step answer. This textbook survival guide was created for the textbook: Introduction to Probability and Statistics 1, edition: 14.

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