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

question 93

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 difference in selling prices of a house with 1,600 square feet and one with 1,700 square feet?____________

---

Definitions:

Challenging Goals

Objectives set by individuals or teams that are difficult to achieve but are pursued in order to motivate higher performance and personal or group development.

Mutual Trust

A reciprocal believe between parties that each will act in the interest of the other, essential for effective teamwork and cooperation.

Directive Leadership

Is a leadership style characterized by providing clear instructions, setting defined goals, and closely supervising tasks, often applied in situations requiring tight control or when tasks are unstructured.

Supportive Leadership

A leadership approach that involves showing concern for employees' well-being, needs, and personal development to enhance their performance and satisfaction.