The accompanying table shows a portion of a data set that refersto the property taxes owed by a homeowner (in $) and the size ofthe home (in square feet) in an affluent suburb 30 miles outsideNew York City.
| 21918 | 2359 |
| 17318 | 2340 |
| 18284 | 1936 |
| 15624 | 1094 |
| 43998 | 5664 |
| 33670 | 2577 |
| 15158 | 2139 |
| 16691 | 1856 |
| 18278 | 2052 |
| 16070 | 1357 |
| 15181 | 1222 |
| 36077 | 3110 |
| 31037 | 2782 |
| 42061 | 3446 |
| 14365 | 1524 |
| 38971 | 3976 |
| 25313 | 4014 |
| 22984 | 2332 |
| 16210 | 3586 |
| 29229 | 2807 |
a. Estimate the sample regression equation that enables us topredict property taxes on the basis of the size of the home. (Roundyour answers to 2 decimal places.)
Taxesˆ = _____ + _____Size.
b. Interpret the slope coefficient.
As Size increases by 1 square foot, the property taxes arepredicted to increase by $6.85.
As Property Taxes increase by 1 dollar, the size of the houseincreases by 6.85 ft.
c. Predict the property taxes for a 1,200-square-foot home.(Round coefficient estimates to at least 4 decimal places and finalanswer to 2 decimal places.) Taxesˆ
