Question

A county real estate appraiser wants to develop a statistical model to predict the appraised value of houses in a section of the county called east meadow. one of the many variables thought to be an important predictor of appraised value is the number of rooms in the house.​ consequently, the appraiser decided to fit the simple linear regression​ model, modifyingabove y with caret equals beta 0 plus beta 1 x commay=β0+β1x, where yequals=appraised value of the house​ (in $thousands) and xequals=number of rooms. using data collected for a sample of n equals 74n=74 houses in east​ meadow, the accompanying results were obtained. give a practical interpretation of the estimate of the slope of the least squares line.

Answer 1

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