Respuesta :
Answer:
[tex]\text{Selling price} = \$1000e^{5.6}[/tex]
The selling price of house is approximately 270.4264 thousand dollars.
Step-by-step explanation:
We are given the following in the question:
A linear model gives the relation between natural logarithm of price, in thousands of dollars, and size, in 100 square feet.
[tex]\ln( \text{price})=2.08+0.11(\text{size})[/tex]
Let p be the price and s be the size.
[tex]\ln(p) = 2.08 + 0.11(s)[/tex]
We have to approximate the selling price for a house with a size of 3,200 square feet.
Thus, we put s = 32
[tex]\ln(p) = 2.08 + 0.11(32)\\\ln(p) = 5.6\\p = e^{5.6}\\p = 270.4264\\\text{Selling price} = \$1000e^{5.6}[/tex]
Thus, the selling price of house is approximately 270.4264 thousand dollars.
Using the regression line, it is found that the predicted selling price for a house with a size of 3,200 square feet is of $270,430.
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The regression line states that the price, in thousands of dollars, for a house of size s, in hundreds square feet, it given by:
[tex]\ln{p} = 2.08 + 0.11s[/tex]
- Size of 3,200 square feet, thus [tex]s = \frac{3200}{100} = 32[/tex].
Then, the price is:
[tex]\ln{p} = 2.08 + 0.11(32)[/tex]
[tex]\ln{p} = 5.6[/tex]
[tex]e^{\ln{p}} = e^{5.6}[/tex]
[tex]p = 270.43[/tex]
The predicted selling price for a house with a size of 3,200 square feet is of $270,430.
A similar problem is given at https://brainly.com/question/22992800
