a-real-estate-analyst-recorded-the-average-house-size-in-hundreds-of-square-feet

Question

A real estate analyst recorded the average house size (in hundreds of square feet) and corresponding average sale price (in $dollar sign 1000 s$ ) for $10$ neighborhoods:

$\hat{y} = 5.6 x + 175$

Table displaying average house sizes and sale prices for neighborhoods, with size in hundreds of square feet and price in thousands of dollars.

Find the standard error of estimate $𝑠_{𝑒}$ interpret the result.

Accepted Answer

$s sub e equals 31.51$ ; this means the typical difference between the actual price and predicted price is about $dollar sign 31 comma 510$ .

Answer

$s sub e equals 31.51$ ; this means the predicted sale prices are off by around $dollar sign 31 comma 510$ on average.

Answer

$s sub e equals 31.51$ ; this means that each additional $dollar sign 31 comma 510$ square feet adds about $dollar sign 12 comma 460$ to the sale price.

Answer

$s sub e equals 31.51$ ; this means the maximum error between predicted and actual prices is approximately $dollar sign 31 comma 510$ .

A real estate analyst recorded the average house size (in hundreds of square feet) and corresponding average sale price (in $1000s\$1000s) for 1010 neighborhoods:y^=5.6x+175\hat{y}=5.6x+175 Find the standard error of estimate 𝑠𝑒𝑠_{𝑒} interpret the result.

A real estate analyst recorded the average house size (in hundreds of square feet) and corresponding average sale price (in $dollar sign 1000 s$ ) for $10$ neighborhoods:
$\hat{y} = 5.6 x + 175$

Find the standard error of estimate $𝑠_{𝑒}$ interpret the result.