The multiple regression model represents pricing for residential housing in a certain market. Predicted Price ? = 19,856.56 + 6,985.25 bedrooms + 87.53 square foot. A house in the local market has 5 bedrooms and 3,200 square feet of living area. Use the multiple regression model to determine the price and the residual if the house sells for $352,200
predicted price = $334,879, error = – $17,321
RATIONALE: Predicted Price ? = 19,856.56 + 6,985.25 bedrooms + 87.53 square foot = 19,856.56 + 6,985.25(5) + 87.53(3200) = 334,878.81 . Residual error = actual – predicted = 334,879 – 352,200 = –17,321.
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