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(Step-by-Step) Suppose you want to develop a model to predict ‘ assessed value’ based on heating area. A sample of 15 single family houses is selected in a

Question: Suppose you want to develop a model to predict ‘ assessed value’ based on heating area. A sample of 15 single family houses is selected in a city. The assessed value ( in thousand dollars) the heating area of the houses ( in thousand square feet0 and age of houses (in years) are recorded with the following results:

House Assessed value ($’000) Heating area Age (years)
1 84.4 2.00 3
2 77.4 1.71 12
3 75.7 1.45 8
4 85.9 1.76 0
5 79.1 1.93 7
6 70.4 1.20 32
7 75.8 1.55 16
8 85.9 1.93 2
9 78.5 1.59 2
10 79.2 1.50 3
11 86.7 1.90 0
12 79.3 1.39 0
13 74.5 1.54 13
14 83.8 1.89 3
15 76.8 1.59 7
  1. state the regression model. Interpret the meaning of the slope coefficient - ( Mini Tab- please attach printout of it and name it model 1 )
  2. what will be assessed value for a house whose heating area is 1750 square feet ?
  3. set up 95 % confidence interval estimate of the true average asses value for the houses with heating area of 1750 sq feet.
  4. set up a 99% confidence interval estimate of the true population slope for the relationship between the heating area and the assessed value of the house?

Price: $2.99
Solution: The downloadable solution consists of 3 pages
Deliverable: Word Document


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