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Papessa [141]
3 years ago
15

A log-level model relating the natural logarithm of house price, y, to square footage was fit. The fitted model is stack ln (p r

i c e )with hat on top equals 11.65 0.000473*sq_foot. What is the estimated price of a house that is 1,692 square feet
Mathematics
1 answer:
Musya8 [376]3 years ago
7 0

Answer:

$255,331

Step-by-step explanation:

Calculation for the estimated price

ln (price) =11.65 +0.000473*square foot

Square feet =1,692

First step is to find the ln (price)

ln (price) =11.65 +0.000473*1,692

ln (price)=12.450316

Last step is to calculate the Estimated price by using calculator to find the exponential of 12.450316

Estimated price=e^(12.450316)

Estimated price=$255,330.99

Estimated price=$255,331 Approximately

Therefore the estimated price of a house that is 1,692 square feet will be $255,331

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The standard deviation for the mean weigth of Salmon is 2/3 lbs for restaurants, 2/7 lbs for grocery stores and 1/4 lbs for discount order stores.

Step-by-step explanation:

The mean sample of the sum of n random variables is

\overline{X} = \frac{X_1+X_2+...+X_n}{n}

If X_1, ..., X_n are indentically distributed and independent, like in the situation of the problem, then the variance of X_1 + .... + X_n will be the sum of the variances, in other words, it will be n times the variance of X_1 .

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Since the standard deviation of the weigth of a Salmon is 2 lbs, then the standard deviations for the mean weigth will be:

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  • Discount outlet stores: Each pallet has 64 salmon, as a result, the standard deviation is \frac{2}{\sqrt{64}} = \frac{1}{4}

We conclude that de standard deivation of the mean weigth of salmon of the types of shipment given is: 2/3 lbs for restaurants, 2/7 lbs for grocery stores and 1/4 lbs for discount outlet stores.

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