TABLE 14-4 A Real Estate Builder Wishes to Determine How House Size

question 80

Short Answer

TABLE 14-4
A real estate builder wishes to determine how house size (House)is influenced by family income (Income)and family size (Size).House size is measured in hundreds of square feet and income is measured in thousands of dollars.The builder randomly selected 50 families and ran the multiple regression.Partial Microsoft Excel output is provided below: Also SSR (X₁ ∣ X₂)= 36400.6326 and SSR (X₂ ∣ X₁)= 3297.7917
-Referring to Table 14-4,what annual income (in thousands of dollars)would an individual with a family size of 9 need to attain a predicted 5,000 square foot home (House = 50)?

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Definitions:

Price Supports

Government interventions to maintain the price of a good or service at a certain level to encourage production and protect producers.

Producers' Income

The earnings or revenue received by the producers or firms from the sale of goods or services before the deduction of any expenses.

Surplus

An excess amount of a commodity or service, exceeding what is normally utilized or required.

Government

The governing body of a nation, state, or community responsible for leadership, policy making, and administration.