Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Statistics and Probability Expert

Develop a regression model for predicting the asking price of a house.

Suppose that you would be selling your house and you are trying to develop a model to predict the eventual sale price of your home.  You are interested in getting as many offers as possible so you do not want to set the asking price of the house too high because that would result in fewer people considering the property.  Then again if the asking price is too low, you might be tempted to sell the property at too low a price and not realize an appropriate profit.  You have available some old data (about ten years old) which you feel is the best you can get in the time frame in which you are working.  You feel that by about doubling the old prices you would get values that are appropriate for current home sales.

Choose a random sample of 50 homes from the enclosed 90 cases.  Double the asking price and selling price and use this data to develop three predictive models:

Build up a model for predicting the asking price of a house.

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M922893

Have any Question? 


Related Questions in Statistics and Probability

Data interpretationresearch reportyour taskwrite a report

Data Interpretation Research Report Your task: Write a report on the statistical relationship that you find between the stock price of the company that you have been assigned and the following three variables: the FTSE, ...

1 what are time-series research designs and how are they

1. What are time-series research designs, and how are they used to learn about changes in behavior over time? 2. What types of independent variables can be used in participant-variable research designs, and what conclusi ...

You are an economic consultant whose task is to investigate

You are an economic consultant whose task is to investigate whether there is gender discrimination with respect to earnings in the government of Little Rock. You take a random sample of 22 people of which 10 are women an ...

1 the waiting time t between successive occurrences of an

1. The waiting time T between successive occurrences of an event E in a discrete time renewal process has the probability distribution P(T =1) = 0.7, P(T = 2) = 0.3. (iii) If an observer arrives after the renewal process ...

1 why are psychologists sometimes interested in

1. Why are psychologists sometimes interested in epidemiology? 2. Why do researchers use probability rather than nonprobability samples when doing descriptive research?

A car dealership has 8 red 13 silver and 5 black cars on

A car dealership has 8 red, 13 silver and 5 black cars on the lot. Ten cars are chosen randomly to be displayed in front of the dealership. Find the probability that 4 cars are red and the rest are silver. Find the proba ...

What was manifest destiny what forces created this concept

What was Manifest Destiny? What forces created this concept? How was it to be achieved, and what doubts were raised as to its desirability?

In an investigation of environmental causes of disease data

In an investigation of environmental causes of disease, data were collected on the annual mortality rate ( deaths per 100,0000) for males in 61 large towns in England and Wales. In addition, the water hardness was record ...

List an example of each of the followinga two quantitative

List an example of each of the following: a. Two quantitative variables that are likely to have a positive linear relationship. b. Two quantitative variables that are likely to have a negative linear relationship. c. Two ...

Of the people who fished at clearwater park today 63 had a

Of the people who fished at Clearwater Park today, 63 had a fishing license, and 27 did not. Of the people who fished at Mountain View Park today, 60 had a license, and 40 did not. (No one fished at both parks.) Suppose ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen