1 a house in the upstate new york area from which the, Ask an Expert

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1. A house in the upstate New York area from which the chapter data was drawn has 2 bedrooms and 1000 square feet of living area. Using the multiple regression model found in the chapter,

Price = 20,986.09 - 7483.10Bedrooms + 93.84Living Area.

a) Find the price that this model estimates.

b) The house just sold for $135,000. Find the residual corresponding to this house.

c) What does that residual say about this transaction?

2. A candy maker surveyed chocolate bars available in a lo- cal supermarket and found the following least squares re- gression model:

Calories = 28.4 + 11.37Fat(g) + 2.91Sugar(g).

a) The hand-crafted chocolate she makes has 15g of fat and 20g of sugar. How many calories does the model pre- dict for a serving?

b) In fact, a laboratory test shows that her candy has 227 calories per serving. Find the residual corresponding to this candy. (Be sure to include the units.)

c) What does that residual say about her candy?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91723861

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