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# Housing Prices II Refer to Exercise 12.42and data set EX1242.a. Estimate the average

ISBN: 9781133103752 255

## Solution for problem 43 Chapter 12.7

Introduction to Probability and Statistics 1 | 14th Edition

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Problem 43

Housing Prices II Refer to Exercise 12.42and data set EX1242.a. Estimate the average increase in the price for anincrease of 1 square foot for houses sold in the city.Use a 99% confidence interval. Interpret your estimate.b. A real estate salesperson needs to estimate the averagesales price of houses with a total of 2000 squarefeet of heated space. Use a 95% confidence intervaland interpret your estimate.c. Calculate the price per square foot for each houseand then calculate the sample mean. Why is thisestimate of the average cost per square foot notequal to the answer in part a? Should it be? Explain.d. Suppose that a house with 1780 square feet ofheated floor space is offered for sale. Construct a95% prediction interval for the price at which thehouse will sell.

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Stats 260, 11/15 Class Announcements ● Next homework is out! Due 11/29 (only five questions) ● Blackboard test grade is the correct one, not testing services ● Scatter plots are in chapter two of book if you need to review Notes ● Correlation Coefficient: Statistical measure of how strong a relationship between two variables is. ○ Will run between...

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##### ISBN: 9781133103752

The answer to “Housing Prices II Refer to Exercise 12.42and data set EX1242.a. Estimate the average increase in the price for anincrease of 1 square foot for houses sold in the city.Use a 99% confidence interval. Interpret your estimate.b. A real estate salesperson needs to estimate the averagesales price of houses with a total of 2000 squarefeet of heated space. Use a 95% confidence intervaland interpret your estimate.c. Calculate the price per square foot for each houseand then calculate the sample mean. Why is thisestimate of the average cost per square foot notequal to the answer in part a? Should it be? Explain.d. Suppose that a house with 1780 square feet ofheated floor space is offered for sale. Construct a95% prediction interval for the price at which thehouse will sell.” is broken down into a number of easy to follow steps, and 127 words. The full step-by-step solution to problem: 43 from chapter: 12.7 was answered by , our top Statistics solution expert on 01/18/18, 04:57PM. 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. This textbook survival guide was created for the textbook: Introduction to Probability and Statistics 1, edition: 14. Since the solution to 43 from 12.7 chapter was answered, more than 224 students have viewed the full step-by-step answer.

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