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

According to the inverse regression function and the regression slope and intercept from predicting prices from square-feet, what is the estimated square-feet for a house costing $800,000? You do not need to round your answer.

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 1Assume you fit a regression model to predict house prices from square feet based on a training data set consisting of houses with square feet in the range of 1000 and 2000. In which interval would we expect predictions to do best?

Two people present you with fits of their simple regression model for predicting house prices from square feet. You discover that the estimated intercept and slopes are exactly the same. This necessarily implies that these two people fit their models on exactly the same data set. 1 pointTrueFalse

A local real estate valuer wants to develop a statistical model to predict the value of properties in a certain suburb. One of the many variables thought to be an important predictor of real estate value is the floor area of the house. Let y = value of the property (in $) and x = floor area of the house (in square metres). Using data collected for a sample of n = 82 properties, the valuer created the following linear regression model:𝑃𝑟𝑜𝑝𝑒𝑟𝑡𝑦 𝑣𝑎𝑙𝑢𝑒^=196,600+2,185∗𝐹𝑙𝑜𝑜𝑟 𝑎𝑟𝑒𝑎Interpret the estimate of the slope of the line.Hint: The "slope" of a line and how to interpret it is first referenced in the Section 2.6 notes.Question 3Select one:When the floor area of a house is zero square metres (section only), I predict the property value to be $2,185.For each additional one square metre of floor area in the house, I predict the property value to increase by $2,185For each additional dollar of property value, I predict the floor area in the house to increase by 2,185 square metres.For a property with zero square metres of floor area in the house (section only), I predict the propoerty value to be $196,600.For each additional one square metre of floor area in the house, I predict the property value to increase by $196,600.Clear my choice