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:

Repetitive Tasks

Simple or complex activities performed repeatedly by an individual, often associated with manual or clerical jobs, which can lead to monotony and potential health issues.

Mainstream Economics

a body of economic thought and theories that are widely accepted and practiced by economists, focusing on market structures, economic efficiency, and the role of government.

Economic Efficiency

The optimal allocation of resources where output is maximized for a given set of inputs, or the input cost is minimized for a certain level of output.

Unions

Organizations formed by workers from related fields that work for the collective welfare of their members, focusing on negotiating wage rates, work practices, and benefits.