Interpret the Slope and the y-intercept of the Least-Squares Regression Line
-A real estate magazine reported the results of a regression analysis designed to predict the price (y) , measured in dollars, of residential properties recently sold in a northern Virginia subdivision. One independent variable used to predict sale price is GLA, gross living area ( ) , measured in square feet. Data for 157 properties were used to fit the model, . The results of the simple linear regression are provided below.
Interpret the estimate of , the -intercept of the line.
A) There is no practical interpretation, since a gross living area of 0 is a nonsensical value.
B) All residential properties in Virginia will sell for at least .
C) About of the observed sale prices fall within of the least squares line.
D) For every 1-sq ft. increase in GLA, we expect a property's sale price to increase .
Correct Answer:
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