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Chapter 14: Q. 14.23 (page 561)

14.24 Custom Homes. Hanna Properties specializes in custom home resales in the Equestrian Estates, an exclusive subdivision in Phoenix, Arizona. A random sample of nine custom homes currently listed for sale provided the following information on size and price. Here, xdenotes the size, in hundreds of square feet, rounded to the nearest hundred, and ydenotes price, in thousands of dollars, rounded to the nearest thousand.

Short Answer

Expert verified

The assumptions for regression inferences are graphically displayed in the diagram above, and they appear to be unmet.

Step by step solution

01

Given Information

Given table:

To determine what satisfying assumptions 1-3 would mean by considering the variable under consideration.

02

Explanation

The regression-inference Assumptions 1-3 must be satisfied if 尾0,尾1and 蟽are constants, which ensures the xdimensions and price of every custom home to be normal, with 尾0+尾1and a 蟽standard deviation.

Graphical representation:

The residuals should not be linear if the normal probability plot is followed.

In the diagram above, the assumptions for regression inferences appear to be unsatisfactory.

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Most popular questions from this chapter

Following are the data on total hours studied over 2 weeks and test score at the end of the 2 weeks, use伪=0.01presuming that the assumption for regression inference are met, decide at the specified significance level whether the data provide sufficient evidence to conclude that the predictor variable is useful for providing the response variable.

14.94 Custom Homes. Following are the size and price data for custom homes from Exercise 14.24.

x
26
27
33
29
29
34
30
40
22
y
540
555
575
577
606
661
738
804
496

a. Determine a point estimate for the mean price of all 2800-sq.ft.Equestrian Estate homes.
b. Find a 99%confidence interval for the mean price of al 2800-sq.ft.Equestrian Estate homes.
c. Find the predicted price of a 2800-sq.ft.Equestrian Estate home
d. Determine a 99%prediction interval for the price of a 2800-sq.ft Equestrian Estate home.

a. Obtain a point estimate for the mean tax efficiency of all mutual fund portfolios with6% of their investments in energy securities,

b. Determine a 95%confidence interval for the mean tax efficiency of all mutual fund portfolios with6% of their investments in energy securities.

c. Find the predicted tax efficiency of a mutual fund portfolio with6% of its investments in energy securities.

d. Determine a95%prediction interval for the tax efficiency of a mutual fund portfolio with 6%of its investments in energy securities.

Explain why the predictor variable is useless as a predictor of the response variable if the slope of the population regression line is 0.

Following are the data on plant weight and quantity of volatile emissions.

伪=0.05

presuming that the assumption for regression inference are met, decide at the specified significance level whether the data provide sufficient evidence to conclude that the predictor variable is useful for providing the response variable.
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