SCENARIO 18-2 One of the Most Common Questions of Prospective House Buyers

question 35

Multiple Choice

SCENARIO 18-2
One of the most common questions of prospective house buyers pertains to the cost of heating in dollars (Y) . To provide its customers with information on that matter, a large real estate firm used the following 4 variables to predict heating costs: the daily minimum outside temperature in degrees of Fahrenheit ( X₁ ) , the amount of insulation in inches ( X ₂ ) , the number of windows in the house ( X₃ ) , and the age of the furnace in years ( X ₄ ) . Given below are the EXCEL outputs of two regression models.


-Referring to Scenario 18-1,one individual in the sample had an annual income of $40,000,a family size of 1,and an education of 8 years.This individual owned a home with an area of 1,000 square feet (House = 10.00) .What is the residual (in hundreds of square feet) for this data point?

• A)-6.99
• B)-5.35
• C)5.40
• D)16.99

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Definitions:

Theoretical Perspective

A particular set of assumptions about the nature of social phenomena that guides research and analysis in social sciences.

Gender

Social and cultural distinctions associated with being male or female, as opposed to biological differences.

Hidden Curriculum

The unspoken or implicit academic, social, and cultural messages that are communicated to students while they are in school.

Normative Constructions

Socially constructed rules and expectations that govern behavior and define what is considered normal or acceptable.