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.
Taxes | Size |
21934 | 2345 |
17334 | 2434 |
18262 | 1903 |
15646 | 1103 |
43973 | 5739 |
33660 | 2572 |
15119 | 2374 |
16702 | 1828 |
18230 | 2017 |
16038 | 1338 |
15140 | 1246 |
36030 | 3042 |
31034 | 2849 |
42077 | 3447 |
14364 | 1451 |
38925 | 3953 |
25378 | 3951 |
22956 | 2523 |
16216 | 3567 |
29294 | 2861 |
a. Estimate the sample regression equation thatenables us to predict property taxes on the basis of the size ofthe home. (Round your answers to 2 decimalplaces.)
taxes = ______ + ______ size
b. Interpret the slope coefficient.
a. As Property Taxes increase by 1 dollar, the size of the houseincreases by 6.78 ft.
b. As Size increases by 1 square foot, the property taxes arepredicted to increase by $6.78.
c. Predict the property taxes for a1,500-square-foot home. (Round coefficient estimates to atleast 4 decimal places and final answer to 2 decimalplaces.)
taxes _________
