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

question 61

Multiple Choice

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? ______

• A) $305 000
• B) $125 000
• C) $300 000
• D) $1500 000

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Definitions:

Max Weber

A German sociologist, philosopher, and political economist known for his theories on the structure of society, authority, and the process of rationalization.

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Favoritism shown to relatives or friends by those in power, often manifested by giving them jobs or opportunities.

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The study of the behaviors and psychological processes occurring within a social group or between social groups.