A Real Estate Agent Developed a Model to Relate a House's

question 73

Short Answer

A real estate agent developed a model to relate a house's selling price (Y) to the area of floor space (X) and the area of floor space squared (X2). The multiple regression equation for this model is:
Y = 125 - 3X + X2
where: Y = selling price (times $1,000)
X = square feet of floor space (times 100)

-What is the selling price of a house with 1,500 square feet?____________

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Definitions:

Variation Terminology

Language and terms used to describe changes or differences in variables or conditions.

Directly

In a straight and unambiguous manner, often indicating a direct relationship between variables in mathematics.

Fourth Root

A number that when raised to the fourth power yields the original number; it is the square root of the square root.

Inversely

Describes a relationship where one quantity increases as another decreases at a consistent rate, often used in proportion and inverse variation contexts.