Real Estate Builder a Real Estate Builder Wishes to Determine How House

question 149

Essay

Real Estate Builder
A real estate builder wishes to determine how house size is influenced by family income,family size,and education of the head of household.House size is measured in hundreds of square feet,income is measured in thousands of dollars,and education is measured in years.A partial computer output is shown below. SUMMARY OUTPUT Regression Statistics Multiple R 0.865 R Square 0.748 Adjusted R Square 0.726 Standard Error 5.195 Observations 50 ANOVA ​ ​
-{Real Estate Builder Narrative} One individual in the sample had an annual income of $10,000,a family size of 1,and an education of 8 years.This individual owned a home with an area of 1,000 square fee (House = 10.00).What is the residual (in hundreds of square feet)for this data point?

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Definitions:

Null Hypothesis

The default hypothesis that there is no relationship or difference between certain phenomena or variables, tested for possible rejection in statistical analysis.

P-Value

A measure in statistics that helps determine the significance of results, indicating the probability of observing the given results if the null hypothesis is true.

Disapproval Rating

A metric, often used in politics and public opinion polling, indicating the percentage of respondents who are dissatisfied with a person or policy.

Political Ad

A form of advertising aimed specifically at influencing the decision-making processes of a political landscape, often used during election campaigns.