Can you assist me with Question 4.48. I've made serveral attempts to solve it however. I still don't understand. If possible can you write the process out step by step its easier to follow. Instead of an excel sheet. Thank you kindly. • 4.48estate developer, has devised a regression model to help determineresidential housing prices in northwestern Pennsylvania. Themodel was developed using recent sales in a particular neighbor-hood. The price (Y) of the house is based on the size (square foot-age = X) of the house. The model is:Rhonda Clark, a Slippery Rock, Pennsylvania, realY = 13,473 + 37.65XThe coefficient of correlation for the model is 0.63.a) Use the model to predict the selling price of a house that is1,860 square feet.b) An 1,860-square-foot house recently sold for $95,000. Explainwhy this is not what the model predicted. 152 PART 1INTRODUCTION TO OPERATIONS MANc) If you were going to use multiple regression to develop such amodel, what other quantitative variables might you include?d) What is the value of the coefficient of determination in thisproblem? Px

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Answered: a) Use the model to predict the selling…

a) Use the model to predict the selling price of a house that is 1,860 square feet. b) An 1,860-square-foot house recently sold for $95,000. Explain why this is not what the model predicted.

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section13.3: Simple Regression Models

Problem 6P: Do the sales prices of houses in a given community vary systematically with their sizes (as measured...

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