5

Refer = the output In the regresslon; Which of the following the 9596 confidence Interval for [1 correct E carefullyl interpretation? ReadWe are 9586 confldent base...

Question

Refer = the output In the regresslon; Which of the following the 9596 confidence Interval for [1 correct E carefullyl interpretation? ReadWe are 9586 confldent based an the method used calculate the Intervalthat the true decreJsc averagc setling " price for each additional year of Buildyear between 5230,700 and $336,300 ,We estimate that 95% of homes will sell for between $126,000 and $149,100, We are 9550 confident based on the method used calculate the Intetval, one year Increase In Bulld

Refer = the output In the regresslon; Which of the following the 9596 confidence Interval for [1 correct E carefullyl interpretation? Read We are 9586 confldent based an the method used calculate the Intervalthat the true decreJsc averagc setling " price for each additional year of Buildyear between 5230,700 and $336,300 , We estimate that 95% of homes will sell for between $126,000 and $149,100, We are 9550 confident based on the method used calculate the Intetval, one year Increase In BulldYear I5 assoclated with an Increase SalesPrice between $1,260 and $1,491 We are 9590 confident based Othe method used Calculate the Intetval, that the tue decrease Wnan selllng price for each addltlonal year 0f aRe between $1,39 and We estimate that 950 of homes, based on the method used calculate the Interval will see thelr average price increase by between $230,700 and +283,300.



Answers

Use the data in HPRICEl for this exercise.
(i) Estimate the model
price$=\beta_{0}+\beta_{1}$ lotsize $+\beta_{2} s q r f t+\beta_{3} b d r m s+u$
and report the results in the usual form, including the standard error of the regression. Obtain
predicted price, when we plug in lotsize $=10,000,$ sqrft $=2,300,$ and $b d r m s=4 ;$ round this price to the nearest dollar.
(ii) Run a regression that allows you to put a 95$\%$ confidence interval around the predicted value in part (i). Note that your prediction will differ somewhat due to rounding error.
(iii) Let price be the unknown future selling price of the house with the characteristics used in parts (i) and (ii). Find a 95$\%$ CI for price and comment on the width of this confidence interval.

Over this problem. You are the problem. Ask you, Thio Estimate. And I'm taking a confidence interval for the percentage change in price when 150 square foot bedroom is added to a house and you are supposed to estimate a an equation that has the log of housing price as a dependent variable. So let me just write that out really quick. This is your dependent variable, and then you're independent. Variables are square feet of the house and then the number of bedrooms in the house, and I'll just write out the estimates you'll get. So you'll run that regression. As the problem tells you to do with the data. And you should be, you should get thes uh, these coefficients and eventually standard errors from the estimation. So there's your intercept, and then this is the coefficient on square feet, and finally you have the coefficient on bedrooms, so both the coefficient for square feet and bedrooms air positive. That makes sense. Um, you know, basically means figure. The house is almost the more expensive. It like Leah's the price. So there we have the coefficients estimated, and then I'll just add in the standard heirs to which we also want to see in blue. So here's the standard error for the square foot variable, and it looks like it's a lot smaller than the coefficient. So the square foot variable seems to be very statistically significant, and the bedrooms variable does not look to be nearly as statistically significant. The standard error is actually little bit bigger than the coefficient that's we end up with. I'm just adding quickly the sample size as well, which is 88 and the R squared for us is 0.588 So these should be the results you get from the running the regression in your software. But this is now number. That part one is asking you to do exactly they're at. They're asking you, Thio, obtain a confidence interval or estimated survey estimating it, um, for the percentage change in price when a 150 square foot bedroom is added to the house. So what does that look like? First of all, just remember, we have this variable to square foot variable, and we have this bedrooms variable. And so what's an expression for adding ah, 150 square foot bedroom on so we could just call this data one. This is adding on 150 ft bedroom, so 150 square foot and then we have to multiply that by beta one. So 150 times the impact of a square foot, you can think of it that way and then plus a bedroom. So you're adding a bedroom and you're adding 150 square feet is a way to think about it. So you're adding a bedroom and you're also adding 115 square feet. So the state of one once we plug in the numbers that we got for beta one in 52 come out to the following numbers get 150 times beta one that we got, which is 10.379 and then plus 0.289 The notice, right? Super. Clearly they the one hat because I guess estimated it now. So I put a hat on. It equals 0.8 58 That's what you want to get for data one. All right. And that is basically saying that when you add 150 square foot bedroom That will increase the expected price of the house by about 8.6%. So from there we go on to part two, which is ask you to write beta to in terms of theta one and beta one and then to plug it into the original equation. So we've already written out an expression for theta one in terms of beta one and beta to So we just have toe rearranged a bit and that will just look like this. We will get beta two equals NATO one minus 150 beta one, and we can than just substitute into the original equation. So again, we have log of prices are dependent variable. Then you have our intercept beta, not plus beta. One times square feet. It's that hasn't changed. Then we have our substitution area here. So instead of beta two again, we're going to just put fatal one minus 150 beta one that all multiplied by bedrooms. And then, of course, add the at our air term at the end here. So that's what that looks like once you've substituted baited to Are you sorry? You've redefined beta too. And plugged it into the original equation, not just rewrite it a different ways that it's easier to estimate pretty simple rearranging here. Just isolate beta one out front, multiplied by square feet. Sorry, there. Square feet minus 150 bedrooms and can't forget beta. One times, bedrooms That will be our last variable at the end and our error term. So that is basically the final answer. Report to this is the substituted, the newly substituted, redefined original equation. So we have beta one as a parameter, and fada one in Beta two is no longer part of the picture. So Part three asked you to use part to obtain a standard error for data one, and to use it to construct a 95% confidence interval for that change in price. So the way that works, I'll start really quick. We want to get the standard error of NATO. One little hat there. To get that, we have to run this regression in again whatever program you like using. So have to run that regression. Um, better not plus beta, one times square feet times or sorry beta one times square feet minus 150 bedrooms plus data, one times, bedrooms plus our air. Jim. So run that regression that will get you a standard error on data one. And once you look at whatever the output is from your aggression, you should get something like the following. You should get the standard error of NATO. One should be 0.268 And remember, from part one, we already got our data. One hat estimate here so we can use that in conjunction with are standard error of theta one hat. And also look at what your software package says about the confidence interval, which for me, waas holidays a different color here, Confidence interval equals bracket. This was signifies. A range is from 0.3 to 6, 2.1 39 and then just put that in economic terms. This is saying that the confidence interval for the percent change in price when a 150 ft bedroom is added to a house is anywhere from a 3.3% increase in price to all the way up to a 13.9% increase in price. Little percentage signs there, so don't get confused. And that is then the problem

In this exercise, we have data. Mhm. Giving the information on budget amounts for home improvement. We have a random sample of 45 homes and the amount that was spent in dollars for home improvement. In the first part of the question a we're going to be determining the point estimate for the population mean budget for such home improvement jobs. And then we'll interpret the answer in once. So the first question ah the first part of the question is to, first of all determine the mean the sample mean. So we know the sample science N. is 45. Yeah. And we have been given that the some of the data, he is in dollars 129,000 849. So to get the sample mean X box, we need to divide the sum by their sample size. And that is going to give us Mhm. One. Mhm. Yeah. Mhm. It's going to be uh 129,849 we had by 45, which equals in dollars 2885 0.5. Next begin to consider that the sample population, the population standard deviation is given to be $1,350. No. With that as a population standard deviation, we're going to determine the 95.44% confidence interval for the population, mean budget. And for us to do that, we would need to work out the sample example standardization mhm. Which is given by population's standard division, by the scourge of the Uh the sample size. So in this case it's 1350 divided by the square root of 45. And when we work that out, we get in dollars 201, 2 Next, for the 95.44 confidence interval, we need to determine the value of two. Standard deviations, that will be twice of 200 $1.2 and that's going to be mhm 401 uh $4. Now you need to add that value and subtract it from the mean that we had obtained and the mean those 2885.5, And then we subtract two standard deviations from the mean, It's going to be 401.4 and when you work that out, the value is 2400 83 $0.1. And For the upper limit it's going to be 202,885.5 plus $401.4. And when you want that help, we're going to get 3287 points nine and therefore the confidence interval is going to be from 2400 um 83 0.1 2 3200 87.9 in the next part. But see the question, we're supposed to decide whether their budgets for home improvement jobs are approximate immediately normally distributed. And the way to do that is to obtain a normal probability plot uh finally passed PhD, we're supposed to answer the question, muster budgets for such home improvement jobs, be exactly normally distributed for the confidence interval that we obtained in part B to be approximately correct. And the answer is no. The sample, because the sample size is big, the sample size is big, so you can see n is large. Yeah, yeah. And because the sample size is big then we can the there it can be approximately taken to be normal. A normal distribution.

Hi, everyone. Uh, this is the second computer exercise in Jeff Tree. He's a h price one, and we trained to estimate the model. The price is equal to beta zero parts. Better. One square fits better. Two bedrooms for you. So I just wondered Congressional State, huh? Regress price, square feet, bedrooms. And it gives me following estimates. My estimates are Well, I'm just gonna write out the resulting equation format in the question, so it's gonna be pretty cool, too. A 20 My estimate for bagels. You today's minus 19 3 15 Huh? 0.1 28 is my estimate for beta one square fit. And the estimate for beta to ISS 16 coins, 1 98 Okay, so this is 90 price heads comes up out of the regression. Okay, The second question is what is estimated increasing price for a house. Which one more bedroom holding square footage, constant. That is just the bedroom, like the coefficient on bedroom. And, uh, so this prices, this was in $1000. So if we have one more bedroom and keeping a square feet six, then it's just gonna be one time, 15 points. 1 98 right So when I say the change in price changing estimated cries. But one more bedroom is gonna be just coefficients Estimate Kokoshin times 2000 since the prices in $1000 and it's gonna be 15 points 1 90 times 1000 which is gonna be 15,000 longer than 98. All right, The third question is, what is the estimated increased in price? Her house with an additional bedroom with an additional bad room that is 140 square feet inside. So now we have an additional bad room. But we also have an additional 140 square. Fine. So the change in price is gonna be on 0.1 28 times 140 15 points 19198 times one and times 1000 can surprise is in $1000. And when we do this calculation, I'm just gonna call change in price. Second change in price. Let's call this one the first change in price. And as I said, it's gonna be 1000 times they don't want half times the changes square feet. I mean, which waas points 1 20 each times understand? 40 gonna be 15.1 98 times one and this gives me Turley tree point 1 18 So the estimated price change here is gonna be $33,000 and right. $118. $33,118. So? Well, okay, then we're gonna compare this to a 2nd 1 Why is this different? Because in the 1st 1 we're keeping the square feet thick and just increasing number bedrooms. So we were comparing the price of the house that is the same in square fits, but has formal bedroom and would expect an increase in price by more than 15,000 dollars. Andi, here we are comparing the results with four house that has that has one more bad room and has 140 square feet more in area size. Right? That is why those two are different than each other. The 4th 1 is what percentage of the variation in price is explained by square footage and then number off bathrooms. This just asked us the r squared that comes out from this regression and the r squared from this aggression is point 60 tree 19 so 63% off. The variation price is explained by square footage and the number of bedrooms. Okay. What afford part? The fifth part is the first house in simple has square state that is equal to 2400 and 38 has four bedrooms. Find the predicted selling price for this house from the orders of Russian life. So we're just gonna put these numbers in this equation here? Okay, so the predicted you in color, go back to Red to the predictive prize for this house and of the minus since the price he was in 1000 ton us again, to find the actual price, I have to multiply the result that I find by thousands she's gonna be minus 19 points to tweeted in, plus your points 1 28 times square pit, which is 2428 15 0.1 98 times the number of bedrooms, which is for and being the calculation that is this is gonna give me the result is gonna be creepy. Three points 5 21 So the estimated price of the house that has four bedrooms and a square foot has 2000 138th quest square foot is gonna be 353 thousands. Well, $521. All right. Okay. And the last part of this question is the actual selling price of the first house in sample of $300,000. Find it with the jewels, put his house. But it suggests that the bio underpaid overpaid for the house. So the actual price waas So the actual prize or $300,000 to find a residual, which is gonna So the jury is gonna be the actual price minus the estimated price. Right? And we usually no traditional by e. I guess it's gonna be price minus yes. Mated prize. Right. And the prices $300,000 and the estimated price we find it was damage $50,000. 53 thousands. 21 Yet So the difference is right. 53,000 $541. So from the model, the estimate was training 53,000 by the actual price was $200,000. So this bio actually under paid for the house would expect him patron and $52,000. This is our expectation on estimates. Total model The actual price of $20,000. So it is on the page. Thank you for watching hope. This helps

In this exercise, we're going to be considering the data on new mobile homes in example 8.1 and 8.2 and will be obtaining a 99 .74 confidence interval. Yeah. For the main price of all new mobile homes Now, for us to get the 99.74 confidence interval, we would need to get the mean, which is given a sample means He is 6-3, doesn't $280. And the sample size N is 36. This population standard deviation, he's taken to be $7,200. Yes. Yeah, no. The sample standard deviation is obtained by the population standard deviation developed the squares of the sample size and in this case we have six, 7200 uh divided. Mhm. So 7200. This Divided by the square root of 36 Which will be 1200 dollars. Now to obtain the 99.74 confidence interval, we would have to add three and add and subtract three standard deviations from them into. We subtract three standard deviations from the mean and also you have to add Uh the same three standard deviations from the means. No, In our case three standard deviations mhm Yeah, Would be equal to three times $1,200. That's going to be equal to $3,600. No. And we can substitute the values which would be um in dollars, 63,000 218 minus $3,600. And that gives us $59,000, 618. And on the other side we need to add to recent standard deviations from From the means, it's going to be $63,280 plus $3,600 and that gives us 66,000 818 dollars. Mhm. And so We are 97 foreign 74 confident that the mean price of all new mobile homes is somewhere between $59,680.66,880. Yeah.


Similar Solved Questions

5 answers
Find the Taylor series for f (x) = sinx centered at a = using the definition of a Taylor series (i.e. by finding the derivatives; etc.) Show the first four nonzero terms of the series and express in summation notation:
Find the Taylor series for f (x) = sinx centered at a = using the definition of a Taylor series (i.e. by finding the derivatives; etc.) Show the first four nonzero terms of the series and express in summation notation:...
5 answers
Is I-chloro-2-methylbutane chiral?If chiral, give the atom number(s) of the chirality center(s) (increasing numberical order; separated by commaspace) . Write 'none' if there are no chirality centersIs 3,3-dimethyl-1,5-hexadiene chiralIf chiral , give the atom number(s) of ( chiral and achiral (meso) structuresJerical order; scparated by comma, no space) Write 'none' if there are no chirality centers
Is I-chloro-2-methylbutane chiral? If chiral, give the atom number(s) of the chirality center(s) (increasing numberical order; separated by comma space) . Write 'none' if there are no chirality centers Is 3,3-dimethyl-1,5-hexadiene chiral If chiral , give the atom number(s) of ( chiral and...
5 answers
Question 1Evaluate Jc y ds, C: x = +, y = t, ~5 <t <1Question Help:VideoMessage_instructor OPost to_forumSubmit QuestionQuestion 2Evaluatexy ds where C is the right half of the circle z? + y2 _ 9Question Help:VideoMessage_instructor DPost to forumSubmit Question
Question 1 Evaluate Jc y ds, C: x = +, y = t, ~5 <t <1 Question Help: Video Message_instructor OPost to_forum Submit Question Question 2 Evaluate xy ds where C is the right half of the circle z? + y2 _ 9 Question Help: Video Message_instructor DPost to forum Submit Question...
5 answers
'XJEUI AIIQEQOId uOgIsuen} &11 &ndumo) 0 = "X GOLHpCO) [BQJIU! 4HMJ5L*JJ4I0 E>"X (" "+"xxru"[tttm} EuMolio} Jua Xq [*uyPp "IDy) AOYIPIN 341 5 "X Puv NI qold 4im E/z quxd 4aim tllqold 4aim qquad qim 31 qo1d 4mSUO4)nquisIp 4Iim YIQBLNA] Wopurvj PT! "{ JnrX
'XJEUI AIIQEQOId uOgIsuen} &11 &ndumo) 0 = "X GOLHpCO) [BQJIU! 4HM J5L*JJ4I0 E>"X (" "+"xxru "[tttm} EuMolio} Jua Xq [*uyPp "IDy) AOYIPIN 341 5 "X Puv NI qold 4im E/z quxd 4aim tllqold 4aim qquad qim 31 qo1d 4m SUO4)nquisIp 4Iim YIQBLNA] Wopurv...
5 answers
About 1 about the about the Find Find the volume the the Y-axis for y line y line y volume of the volume 2 for x 2 0. of the of the solid solid ~l forx 2 0. solid obtained =^ obtained by rotating obtained by rotating e* xt, +1, by rotating Y =rz the z* the region 1 the region regian enclosed enclosed by the graphs enclosed by the graphs of by the graphs of
about 1 about the about the Find Find the volume the the Y-axis for y line y line y volume of the volume 2 for x 2 0. of the of the solid solid ~l forx 2 0. solid obtained =^ obtained by rotating obtained by rotating e* xt, +1, by rotating Y =rz the z* the region 1 the region regian enclosed enclose...
3 answers
450 Figure P13.32 Find V [6 pFS Sukn Construct and 1 the S-domain 10 _F 1 equivalent 5 1125 circuit mH for
450 Figure P13.32 Find V [6 pFS Sukn Construct and 1 the S-domain 10 _F 1 equivalent 5 1125 circuit mH for...
5 answers
Make a conjecture about the equations of horizontal asymptotes, if any, by graphing the equation with a graphing utility; then check your answer using L'Hôpital's rule.$$y=(ln x)^{1 / x}$$
Make a conjecture about the equations of horizontal asymptotes, if any, by graphing the equation with a graphing utility; then check your answer using L'Hôpital's rule. $$ y=(ln x)^{1 / x} $$...
5 answers
The domain of the function g(x) is ~2 < x < [. What is the domain of g(x = 5)2The domain is
The domain of the function g(x) is ~2 < x < [. What is the domain of g(x = 5)2 The domain is...
5 answers
The following molecule hassigma bonds andpi bonds;;0:H € € c & H 6,3 4,3
The following molecule has sigma bonds and pi bonds; ;0: H € € c & H 6,3 4,3...
5 answers
Write the following permutations as the product of the cycle and determine 72020 for each: 2 3 4 5 a) T = (6) t = (43512) (c) T = (435)(512) 3 5 1 2
Write the following permutations as the product of the cycle and determine 72020 for each: 2 3 4 5 a) T = (6) t = (43512) (c) T = (435)(512) 3 5 1 2...
1 answers
An aqueous solution contains 12.5$\% \mathrm{NaCl}$ by mass. What mass of water (in grams) is contained in 2.5 $\mathrm{L}$ of the vapor above this solu- tion at $55^{\circ} \mathrm{C}^{3}$ The vapor pressure of pure water at $55^{\circ} \mathrm{C}$ is 118 torr. (Assume complete dissociation of NaCl.)
An aqueous solution contains 12.5$\% \mathrm{NaCl}$ by mass. What mass of water (in grams) is contained in 2.5 $\mathrm{L}$ of the vapor above this solu- tion at $55^{\circ} \mathrm{C}^{3}$ The vapor pressure of pure water at $55^{\circ} \mathrm{C}$ is 118 torr. (Assume complete dissociation of Na...
4 answers
When this reaction comes to equilibrium, will the concentrationsof the reactants or products be greater? Does the answer to thisquestion depend on the initial concentrations of the reactants
When this reaction comes to equilibrium, will the concentrations of the reactants or products be greater? Does the answer to this question depend on the initial concentrations of the reactants...
5 answers
UNKI0 3 menbussiqnment indexu the Edit 1clice IS Assignment 9 Organic Gradebook Svstemgannouncemenits chemstty, ORION 1 @lertbooxWhat Question the product of the follovnng 3 1OMeQuestion Attempts: Unlimitednelp 1
UNKI0 3 menbussiqnment indexu the Edit 1 clice IS Assignment 9 Organic Gradebook Svstemgannouncemenits chemstty, ORION 1 @lertboox What Question the product of the follovnng 3 1 OMe Question Attempts: Unlimited nelp 1...
5 answers
QUESTION 8the dining hall normally distrlbuted mth u =26 minutes &nd & = 7 minutes I# The number of minutes person spends secnt Mould what parcantitel randomly chosen person spends 19 minutes at the dining hall; that person s digit decimal (O.XX} For Instance 0.78 would be the 78th percentie Please put in your answer .
QUESTION 8 the dining hall normally distrlbuted mth u =26 minutes &nd & = 7 minutes I# The number of minutes person spends secnt Mould what parcantitel randomly chosen person spends 19 minutes at the dining hall; that person s digit decimal (O.XX} For Instance 0.78 would be the 78th percen...
4 answers
Problem #2: Consider the following vectors which you can copy and paste directly into Matlab[5 6 1 2 6 5 1 4 3 4]; [2 6 [ 4 4 3] ;Use the vectors and to create the following matrixSuch matrix is called tri-diagonal matrix. Hint: Use the diag command three Tites and then add the resulting matrices_To check that you hare correctly created the matrix.4, verify that det(4) = -7.7448e-06. Find the dominant eigenvalue of.4_
Problem #2: Consider the following vectors which you can copy and paste directly into Matlab [5 6 1 2 6 5 1 4 3 4]; [2 6 [ 4 4 3] ; Use the vectors and to create the following matrix Such matrix is called tri-diagonal matrix. Hint: Use the diag command three Tites and then add the resulting matrices...
5 answers
9-36: Qutput from a software_package is_given below: One-Sample_Z: Test of mu 30 vs not_ 30 The assumed standard deviation 1.8 Variable N Mean StDey SE Mean Z P 25 30.421 1.475 Fill in the missing items What conclusions would you draw? Is this a one-sided or a two-sided test? Use the normal table and the above data to construct a 95% two-sided CI on the mean (d) What would the P-value be if the alternative hypothesis is Hi:u > 302
9-36: Qutput from a software_package is_given below: One-Sample_Z: Test of mu 30 vs not_ 30 The assumed standard deviation 1.8 Variable N Mean StDey SE Mean Z P 25 30.421 1.475 Fill in the missing items What conclusions would you draw? Is this a one-sided or a two-sided test? Use the normal table a...
5 answers
(a)HaCCHzCHaCHa HzN COOH(d)OHH3CCHZCHaHzN ~COOHCHaHzC_ OHC=CHHC CHz
(a) HaC CHzCHa CHa HzN COOH (d) OH H3C CHZCHa HzN ~ COOH CHa HzC_ OH C=CH HC CHz...

-- 0.020194--