Discuss the folloiwng:
Q: Using the data below develop a multiple linear regression model for estimating the market value as a function of both the age and size of the house. Find a 95% confidence interval for the mean market value for houses that are 30 years old and have 1,800 square feet and a 95% prediction interval for a house that is 30 years old with 1,800 square feet.
| House Age |
Square Feet |
Market Value |
| 33 |
1,812 |
$90,000.00 |
| 32 |
1,914 |
$104,400.00 |
| 32 |
1,842 |
$93,300.00 |
| 33 |
1,812 |
$91,000.00 |
| 32 |
1,836 |
$101,900.00 |
| 33 |
2,028 |
$108,500.00 |
| 32 |
1,732 |
$87,600.00 |
| 33 |
1,850 |
$96,000.00 |
| 32 |
1,791 |
$89,200.00 |
| 33 |
1,666 |
$88,400.00 |
| 32 |
1,852 |
$100,800.00 |
| 32 |
1,620 |
$96,700.00 |
| 32 |
1,692 |
$87,500.00 |
| 32 |
2,372 |
$114,000.00 |
| 32 |
2,372 |
$113,200.00 |
| 33 |
1,666 |
$87,500.00 |
| 32 |
2,123 |
$116,100.00 |
| 32 |
1,620 |
$94,700.00 |
| 32 |
1,731 |
$86,400.00 |
| 32 |
1,666 |
$87,100.00 |
| 28 |
1,520 |
$83,400.00 |
| 27 |
1,484 |
$79,800.00 |
| 28 |
1,588 |
$81,500.00 |
| 28 |
1,598 |
$87,100.00 |
| 28 |
1,484 |
$82,600.00 |
| 28 |
1,484 |
$78,800.00 |
| 28 |
1,520 |
$87,600.00 |
| 27 |
1,701 |
$94,200.00 |
| 28 |
1,484 |
$82,000.00 |
| 28 |
1,468 |
$88,100.00 |
| 28 |
1,520 |
$88,100.00 |
| 27 |
1,520 |
$88,600.00 |
| 27 |
1,484 |
$76,600.00 |
| 28 |
1,520 |
$84,400.00 |
| 27 |
1,668 |
$90,900.00 |
| 28 |
1,588 |
$81,000.00 |
| 28 |
1,784 |
$91,300.00 |
| 27 |
1,484 |
$81,300.00 |
| 27 |
1,520 |
$100,700.00 |
| 28 |
1,520 |
$87,200.00 |
| 27 |
1,684 |
$96,700.00 |
| 27 |
1,581 |
$120,700.00 |