1. Table A, below, contains the value of the house and the amount of rental income in a year that the house brings in ("Capital and rental," 2013). Create a scatter plot and find a regression equation between house value and rental income. Then use the regression equation to find the rental income a house worth $250,000 and for a house worth $380,000. Which rental income that you calculated do you think is closer to the true rental income? Why?
Table #A: Data of House Value versus Rental
Value |
Rental |
Value |
Rental |
Value |
Rental |
81000 |
6656 |
77000 |
4576 |
75000 |
7280 |
95000 |
7904 |
94000 |
8736 |
90000 |
6240 |
121000 |
12064 |
115000 |
7904 |
110000 |
7072 |
135000 |
8320 |
130000 |
9776 |
126000 |
6240 |
145000 |
8320 |
140000 |
9568 |
140000 |
9152 |
165000 |
13312 |
165000 |
8528 |
155000 |
7488 |
178000 |
11856 |
174000 |
10400 |
170000 |
9568 |
200000 |
12272 |
200000 |
10608 |
194000 |
11232 |
214000 |
8528 |
208000 |
10400 |
200000 |
10400 |
240000 |
10192 |
240000 |
12064 |
240000 |
11648 |
289000 |
11648 |
270000 |
12896 |
262000 |
10192 |
325000 |
12480 |
310000 |
12480 |
303000 |
12272 |
From the above calculations, and comparing the rentals incomes to the ones shown in table A, we can say that the rental income $11471.6 is closer to the true income. This is because the rental value 380000 is outside the data set provided in the table above.
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