Seattle Homes This dataset contains the listed prices (in thousands of dollars) and the number of square feet for 28 homes in the Seattle area. The data come from the Web site of a Seattle realtor offering homes in the area for sale. For the SRM to work, we need to formulate the model in terms of cost per square foot. Use the selling price per square foot as and the reciprocal of the number of square feet as . (Note: If you keep track of the dimensions for the slope and intercept, you’ll see that one represents fixed costs and the other, marginal costs.)
(a) Give a 95% confidence interval for the fixed cost (the portion of the cost that does not change with the size of the home) associated with these home prices, along with a brief interpretation.
(b) Give a 95% confidence interval for the marginal costs (the cost that is related to number of square feet), along with a brief interpretation.
(c) How much might a buyer pay, per square foot, for a specific home with 3,000 square feet in the Seattle area? Give a range, rounded appropriately, to show the buyer.
(d) How much in total might a buyer pay for a 3,000-square-foot home in the Seattle area? Give a range, rounded appropriately, to show the buyer.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more