Statistics: Linear Regression Analysis – #412


Question: A regression equation is \(\hat{y}=-24.48+8.26x\)

The dependent variable is price of a condominium in $1000 units. The independent variable is square feet of floor space in 100 square feet of area units. Suppose the data on floor space are limited to the range 900 to 1500 square feet. Interpret the slope.

[Hint: Be careful when you translate the different units of measure.]

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