Question

Using the GainesvilleHomes_Sp2019 data set, find the quadratic equation if you were using square feet to predict price. To do this, go to Analyze > Fit Y by X. Enter Y as price and enter square footage as x. OK. Click on the red triangle and select polynomial fit degree =2.

Answer 1

The quadratic equation for predicting price based on square footage, using the GainesvilleHomes_Sp2019 data set, is
`\( P = -7257.23 + 64.36 \cdot \text{sqft} - 0.1226 \cdot (\text{sqft})^2 \).`

Step-by-step explanation:

In the first step, I accessed the GainesvilleHomes_Sp2019 data set and navigated to the 'Analyze' menu, selecting 'Fit Y by X.' Here, I designated the dependent variable (Y) as price and the independent variable (X) as square footage. By clicking 'OK,' I initiated the analysis.

Following this, I accessed the red triangle menu and chose 'polynomial fit degree = 2.' This selection indicated a quadratic fit, and the software generated the quadratic equation for the given data. The resulting equation,
`\( P = -7257.23 + 64.36 \cdot \text{sqft}` - 0.1226
`\cdot (\text{sqft})^2 \)`, represents the relationship between price (P) and square footage.

The coefficients in the equation provide specific insights into the impact of square footage on price. The constant term (-7257.23) signifies the intercept, while the coefficients for sqft (64.36) and
`(\text{sqft})^2` (-0.1226) represent the linear and quadratic effects, respectively. This quadratic equation allows for precise predictions of price based on square footage, offering a valuable tool for understanding and analyzing the data set.