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SCENARIO 18-2 One of the Most Common Questions of Prospective House Buyers

Question 290

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SCENARIO 18-2
One of the most common questions of prospective house buyers pertains to the cost of heating in dollars (Y) . To provide its customers with information on that matter, a large real estate firm used the following 4 variables to predict heating costs: the daily minimum outside temperature in degrees of Fahrenheit ( X1 ) , the amount of insulation in inches ( X 2 ) , the number of windows in the house ( X3 ) , and the age of the furnace in years ( X 4 ) . Given below are the EXCEL outputs of two regression models.
SCENARIO 18-2 One of the most common questions of prospective house buyers pertains to the cost of heating in dollars (Y) . To provide its customers with information on that matter, a large real estate firm used the following 4 variables to predict heating costs: the daily minimum outside temperature in degrees of Fahrenheit ( X<sub>1</sub> ) , the amount of insulation in inches ( X <sub>2</sub> ) , the number of windows in the house ( X<sub>3</sub> ) , and the age of the furnace in years ( X <sub>4</sub> ) . Given below are the EXCEL outputs of two regression models. -Referring to Scenario 18-1,what minimum annual income would an individual with a family size of 9 and 10 years of education need to attain a predicted 5,000 square foot home (House = 50) ? A) $44.14 thousand B) $56.75 thousand C) $178.33 thousand D) $211.85 thousand
SCENARIO 18-2 One of the most common questions of prospective house buyers pertains to the cost of heating in dollars (Y) . To provide its customers with information on that matter, a large real estate firm used the following 4 variables to predict heating costs: the daily minimum outside temperature in degrees of Fahrenheit ( X<sub>1</sub> ) , the amount of insulation in inches ( X <sub>2</sub> ) , the number of windows in the house ( X<sub>3</sub> ) , and the age of the furnace in years ( X <sub>4</sub> ) . Given below are the EXCEL outputs of two regression models. -Referring to Scenario 18-1,what minimum annual income would an individual with a family size of 9 and 10 years of education need to attain a predicted 5,000 square foot home (House = 50) ? A) $44.14 thousand B) $56.75 thousand C) $178.33 thousand D) $211.85 thousand
-Referring to Scenario 18-1,what minimum annual income would an individual with a family size of 9 and 10 years of education need to attain a predicted 5,000 square foot home (House = 50) ?


A) $44.14 thousand
B) $56.75 thousand
C) $178.33 thousand
D) $211.85 thousand

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