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

question 58

Short Answer

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} What is the predicted house size for an individual earning an annual income of $40,000,having a family size of 4,and having 13 years of education?

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Definitions:

Forecast Error

The difference between the expected or predicted values and what actually occurs, usually in the context of economic or financial forecasts.

Schrader Valve

A type of valve used on tires that allows air to enter but prevents it from escaping, enabling inflation and pressure maintenance.

Tire Deflate

The process or action resulting in a reduction of air pressure inside a tire, which may be intentional or due to a leak or puncture.

Air Pressure

The force exerted by air, whether compressed or in the atmosphere, on any surface in contact with it.