Plz answer question A certain town is located approximately 25 miles east of a l
ID: 3366887 • Letter: P
Question
Plz answer question
A certain town is located approximately 25 miles east of a large city. The data organized below include the appraised value? (in thousands of? dollars), land area of the property in? acres, and? age, in? years, for a sample of 20 single-family homes located in the town. Develop a multiple linear regression model to predict appraised value based on land area of the property and? age, in years.
d) Predict the appraised value for a house that has a land area of 0.15 acres and is 55 years old.
e) Construct a? 95% confidence interval estimate for the the mean appraised value for houses that have a land area of 0.15 acres and is 55 years old.
f) construct a 95% prediction interval estimate for the mean appraised value for houses that have a land area of 0.15 acres and is 55 years old.
Thanks
Appraised Value Property Size Age 462.9 0.2239 50 364.3 0.2129 58 421.3 0.1609 28 540.9 0.4687 16 402.2 0.2563 45 373.7 0.2226 83 318.3 0.1801 46 743.5 0.5094 6 216.1 0.2286 55 636.5 0.1329 17 345.1 0.1745 60 359.8 0.4281 41 359.5 0.2541 45 278.6 0.1196 12 306.3 0.1691 60 287.1 0.1715 56 399.5 0.3826 42 616.9 0.6578 40 317.1 0.1759 51 368.3 0.1451 77 -0 8 8 6 5 36 57015206201 g-5 5 2 1 4 8 4 6 5 1 6 4 4 1 6 5 4 45 S 9 9 9 7 3 6 1 4 6 9 5 1 1 6 1 5 6 8 9 1 32086209824849912755 21665280237251678574 2 2 1 4 2 2 1 5 2 1 1 4 2 1 1 1 3 6 1 1 p-0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 se- .9 3 3 9 2 7 3 5 1 5 1 8 5 6315913 a1-2 4 1 0 2 3 8 3 6 6 5 9 9 8 6 7 9 6 7 8 a-6 6 2 4 0 7 1 4 1 3 4 5 5 7 0 8 9-16 V-4 3 4 5 4 3 3 7 2 6 3 3 32323633Explanation / Answer
d) The regression equation is
Appraised Value = 412 + 427 Property Size - 2.66 Age
The predict appraised value for a house is
Appraised Value = 412 + 427 (0.15) - 2.66 (55)= 329.75
e) 95% confidence interval estiamte for the mean appraised value for houses that a land area of 0.15 acres and 55 years old is (268.7, 389.6)
f)
95% prediction interval estiamte for the mean appraised value for houses that a land area of 0.15 acres and 55 years old is (113.9, 544.4)