Question

628 CHAPTER 26 Inference fer Regression CHECK YOUR SKILLS Florida appaises neal estate avery yoar, so the county apmaiser's wehsite ally sells for someuhat mone chan the appmaised market seHeve ae the appesised market and acual seling pces i thsads of dollars) of 52 condominism units sold in a beachfiont haldling in a 164month perioad herueen 2003 and 2016 Seling Appraised Selling Appraised Selling Appraised Value 1190 1100 1865 1450 875 1510 1375 560 481 822 590 1075 890 64 492 930 1241 70 70 73 1200 13 14 15 1100 678 1100 715 1325 942 345 1032 556 591 1200 675 850 693 93 1322 1900 1016 1040 442 626 765 584 639 885 750 1132 28 34 37 1068 1083 1200 650 850 601 54 505 110 1164 1425 953 922 Here is part of the Minitab ouspeut for nogessing slling price on appruised uahue, along with predliction for a unit with appaised vahue $800,000 Predictor Constant appraised 1.2186 0.1446 8.43 0.000 s 211.291 R-sq58.7: R-sqladj)57.9 Predicted Values for New Observatione New Pit SE Fit 951 CI obs (b) price-1.2186 + 100.2 × appraised value. () price 114.0+0.1446 X appraised value. praised value? (a) 0.345 (b) 0.587 (c) 0.766 26.17 What is the correlation between selling price and ap Coef SE Coef 100.2 114. P 0.384 0.88 26.18 The slope β of the population regression line deser 951 PI (a) the average selling price in a population of units when a unit's appraised value is 0. of units when appraised value increases by $1000 vidual unit when its appraised value increases ls (b) the average increase in selling price in a population 1 1075.1 29.8 (1015.2, 1135.0) (664.5, 1503.7) Evencises 26.16 through 26.24 ae hased on this information. (c) the exact increase in the selling price of an ind- 26.16 The equation of the least squares regression line for predicting selling price from appraised value is $1000. (a) price= 100.2 + 1.2186× appraised value. Exercises629 ts there significant evidence that selling price increases 26.22 Confidence 26.1す" appraised value increases? To answer this question, intervals and tests for these data use the t test the hypotheses distribution with degrees of freedom (a) 52 b) 51. (e) 50. (a) 1.2186# 424.4836. 26.23 A 95% confidence interval for the population slope β is (c) He β-oversus H. β

Answer 1

26.16) (a) price = 100.2+1.2186×appraised value

26.17) (c) 0.766

26.18) (b)

26.19) (a)