Answer in the form of an essay as well please. A county real estate appraiser wa

Question

Answer in the form of an essay as well please. A county real estate appraiser wants to develop a statistical model to predidt he apried value of houses in a section af te ountycaited Es Meadow. One of the many variables thought to be an important predictor of appraised value is the number of rooms in the house. Consequently, the appraiser decided to fit the simple linear regression model y- 0 + ,x, where y-appra sed value of the house n St usands) and x-number of rooms. Using data collected for a sample of n 74 houses in East Meadow, the accompanying results were oblained. Give a practical interpretation of the estimate of the y-intercept of the least squares line. Click the icon to view the results

Explanation / Answer

Here, y-intercept is 74.80 .

Interpretation: It is the expected appraised value when variable number of rooms in house is absent (i.e.number of rooms=0 ) in the model.

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