4. A realtor in a suburban area attempts to predict house prices solely on the basis of their sizes. From a listing serv

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4 A Realtor In A Suburban Area Attempts To Predict House Prices Solely On The Basis Of Their Sizes From A Listing Serv 1 (27.17 KiB) Viewed 34 times

4. A realtor in a suburban area attempts to predict house prices solely on the basis of their sizes. From a listing service, the realtor obtains the size (in thousands of square feet) and the asking price (in hundreds of thousands of dollars) of each house in a random sample of houses. Let X be the size and Y be the asking price. A simple linear regression model is used to describe the relationship between X and Y: Y = Bo + B₁X + € The variance of the error term e is denoted by a2. Summary statistics of the sample houses are given below. n = 57, X = 2.003, Y = 1.739, 0.134, sxy = 0.139 0.189, (a) (8 points) Calculate the estimates of 3o. 31. (b) (8 points) Calculate SS(Error) and estimate a. (c) (9 points) Calculate the predicted asking price of a house of 2.1 thousand square feet, and construct a 95% two-sided prediction interval. -