Mathematics, 21.05.2021 04:40 towlesam
A county real estate appraiser wants to develop a statistical model to predict the appraised value of
houses in a section of the county called East Meadow. One of the many variables thought to be an
important predictor of appraised value in the number of rooms in the house. Consequently, the
appraiser decided to fit a simple linear regression model, where y = appraised value of the house (in
$thousands) and x = number of rooms. Using data collected for a sample of n = 74 houses in East
Meadow, the following results were obtained: û = 17.80x + 74.80
Give a practical interpretation of the estimate of the slope of the least squares line.
Answers: 3
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