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iren [92.7K]
4 years ago
8

A real estate analyst has developed a multiple regression line, y = 60 + 0.068 x1 – 2.5 x2, to predict y = the market price of a

home (in $1,000s), using two independent variables, x1 = the total number of square feet of living space, and x2 = the age of the house in years. With this regression model, the predicted price of a 10-year old home with 2,500 square feet of living area is __________.
Business
1 answer:
Mumz [18]4 years ago
7 0

Answer:

$205,000

Explanation:

With a pricing formula as stated below

y = 60 + 0.068x1 - 2.5x2

where x1 = total number of square feet of the living space

and x2 = the age of the house (years).

When the age of the home (x2) = 10 years, and the home has 2,500 square feet of living area (x1), the price of the home is

y = 60 + (0.068 * 2,500) - (2.5 * 10)

= 60 + 170 - 25

= 205

Since y is in ($1,000s) as given, the price of the home is $205,000.

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4 0
3 years ago
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Assume a drought in the Great Plains reduces the supply of wheat. Noting that wheat is a basic ingredient in the production of b
Gnom [1K]

Answer:

price of wheat to increase, the supply of bread to decrease, and the demand for potatoes to increase.

Explanation:

A drought will reduce the supply of wheat thereby causing the supply curve to shift upwards (to the left) leading to an increase in the price of wheat. Since wheat is a basic ingredient in producing bread, an increase in the price of wheat will increase the cost of producing bread. An increase in cost of producing bread will reduce the supply of bread, shifting the supply curve to the right.

Potatoes and bread are close substitutes and therefore, have a competitive demand. An increase in the price of bread will increase the demand for potatoes because rational consumers will opt for a cheaper alternative considering their money income.

5 0
4 years ago
State and local governments in the United States share the costs of criminal justice by making ________ primarily a local functi
Marta_Voda [28]

Answer:

The correct word for the blank space is: policy protection; corrections.

Explanation:

Policy protection is related to the regulation of individuals' reckless behavior such as <em>abuse or trafficking of drugs, theft, domestic violence, school safety, and juvenile misbehavior</em>. Local governments -counties and districts- have the power to enforce law over those matters until their jurisdiction allows it.

Criminal corrections involve all the penalties a state must impose on individuals who committed improper behavior and were against the law, thus, they must be punished.

6 0
3 years ago
SOMEONE PLEASE HELP ME!!!!!!
luda_lava [24]

The answer to question one is raising financial capital is difficult and the owner is personally liable for business debts.

Sole proprietorships have a number of advantages and disadvantages. These are two of the biggest disadvantages.

Question number two can be solved through the process of elimination. The workers and shareholders would not be hiring anyone. This leaves the Presidents and Vice Presidents. The President would normally hire the Vice Presidents, and then the Vice Presidents would hire and supervise the heads of the departments.

8 0
3 years ago
Gilson Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and
Ann [662]

Answer:

a. $2,020 Favorable

Explanation:

The computation of spending variance for direct materials in April is shown below:-

For computing the spending variance for direct materials in April first we need to find out the actual price per unit which is here below:-

Actual price per unit = Actual direct material ÷ Actual units purchased

= $49,086 ÷ $5,060

= $9.70

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= ($9.70 - $10.10) × 5,060

= -$0.4 × 5,060

= $2,024 Favorable

which is closest to $2,020 Favorable.

3 0
3 years ago
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