We appreciate your visit to A real estate agent wants to predict the selling price of single family homes from the size of each house A scatterplot created from a. This page offers clear insights and highlights the essential aspects of the topic. Our goal is to provide a helpful and engaging learning experience. Explore the content and find the answers you need!
Answer :
The closest answer choice is B. $270,000.
To find the predicted selling price of a house with a size of 3,200 square feet, we will use the given linear model of the logarithm of the price:
[tex]\ln (\widehat{\text{price}}) = 2.08 + 0.11 (\text{size})[/tex]
First, substitute the size of the house (3,200 square feet) into the equation. Remember that size is in units of 100 square feet, so divide 3,200 by 100 to convert:
[tex]\ln (\widehat{\text{price}}) = 2.08 + 0.11 \times 32[/tex]
[tex]\ln (\widehat{\text{price}}) = 2.08 + 3.52[/tex]
[tex]\ln (\widehat{\text{price}}) = 5.60[/tex]
Now, solve for the predicted price by taking the exponential of both sides to undo the natural logarithm:
[tex]\widehat{\text{price}} = e^{5.60}[/tex]
Using a calculator, [tex]e^{5.60}[/tex] is approximately 270.43. Since the price is in thousands of dollars, the predicted selling price is approximately $270,430.
Thanks for taking the time to read A real estate agent wants to predict the selling price of single family homes from the size of each house A scatterplot created from a. We hope the insights shared have been valuable and enhanced your understanding of the topic. Don�t hesitate to browse our website for more informative and engaging content!
- Why do Businesses Exist Why does Starbucks Exist What Service does Starbucks Provide Really what is their product.
- The pattern of numbers below is an arithmetic sequence tex 14 24 34 44 54 ldots tex Which statement describes the recursive function used to..
- Morgan felt the need to streamline Edison Electric What changes did Morgan make.
Rewritten by : Barada
