A real estate agent made a scatter plot with the size of homes, in square feet, on the x-axis and the homeowner's property taxes on the y-axis. The variables have a strong linear correlation, and the equation for the least squares regression line is

[tex]\hat{y} = 0.392x + 638.118[/tex].

Based on the equation, what should the agent expect the property tax to be for a 2,400-square-foot home in the area?

Using the least squares regression line equation yˆ=0.392x+638.118, the estimated property tax for a 2,400-square foot home would be approximately $1578.92.

Explanation:

The real estate agent can use the least squares regression line equation, yˆ=0.392x+638.118, to estimate property taxes based on the size of a home. To find the estimated property tax for a 2,400-square foot home, we substitute 2,400 for x in the equation:

yˆ=0.392(2400)+638.118

Now, multiplying 0.392 by 2400 gives us 940.8, and adding this to 638.118:

yˆ=940.8+638.118 = 1578.918

Therefore, based on the regression equation, the agent should expect the property tax to be roughly $1578.92 for a 2,400-square foot home in the area.

Yamahagirl00 Yamahagirl00 · Answer 2 · 2023-09-15T11:51:02-04:00

Yamahagirl00 Yamahagirl00

15-09-2023

Based on the equation what should the agent expect the property taxes to be for a 2400 square foot home in the area?
Answer:$1578.92

Answer Link