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Question 1Using your Slope and Intercept from predicting prices from square feet, what is the predicted price for a house with 2650 sqft? Use American-style decimals without comma separators (e.g. 300000.34), and round your answer to 2 decimal places. Do not include the dollar sign. You do not need to round your answer.

Question

Question 1Using your Slope and Intercept from predicting prices from square feet, what is the predicted price for a house with 2650 sqft? Use American-style decimals without comma separators (e.g. 300000.34), and round your answer to 2 decimal places. Do not include the dollar sign. You do not need to round your answer.

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Solution

To answer this question, I would need the slope and intercept values from the regression model that was used to predict house prices from square feet. The general formula for a linear regression model is:

y = mx + b

where:

  • y is the predicted value (in this case, the house price)
  • m is the slope of the line
  • x is the independent variable (in this case, the square footage of the house)
  • b is the y-intercept

Once I have the slope (m) and intercept (b), I can substitute 2650 for x to find the predicted price. However, without these values, I cannot provide a specific answer. Could you please provide the slope and intercept values?

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Question 6Your friend in the U.S. gives you a simple regression fit for predicting house prices from square feet. The estimated intercept is -44850 and the estimated slope is 280.76. You believe that your housing market behaves very similarly, but houses are measured in square meters. To make predictions for inputs in square meters, what slope must you use? Hint: there are 0.092903 square meters in 1 square foot. You do not need to round your answer.1 point

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