Question

A real estate agent would like to predict the selling price of a single-family house by predicting the price (in thousands of dollars) based on the square footage (in 100 square feet). Predict the price of a 3000 square foot house (in thousands of dollars).

Answer 1

Answer: 134.7088 (thousands of dollars)

Step-by-step explanation:

This can be solved with a regression equation based on the details in the question.

y being the price of the house.

x as the independent variable is given as 3.8785

c as the intercept is given as 18.3538

The equation s;

y = 3.8785x + 18.3538

x will be 30 because the variables are based on 100 square feet so, 3,000/100 = 30

y = 3.8785 *(30) + 18.3538

= $134.7088 (thousands of dollars)

= $134,708.80