The question is half solved actually but I don't know what will be the values of the last two questions given that yhat = 0.02316x + 6.32605.
David's Landscaping has collected data on home values (in thousands of $) and expenditures (in thousands of dollars) on landscaping with the hope of developing a predictive model to help marketing to potential new clients. Data for 14 households may be found in the file Landscape. (c)
Use the least squares method to develop the estimated regression equation. (Let x = home value (in thousand of dollars), and let y = landscaping expenditures (in thousands of $). Round your numerical values to five decimal places.)
ŷ = 0.02316x + 6.32605 (solved) What will be the answer to the next two questions
For every additional 1,000 dollars in home value, estimate how much additional will be spent (in $) on landscaping. (Round your answer to the nearest cent.)
Use the equation estimated in part (c) to predict the landscaping expenditures (in dollars) for a home valued at $575,000. (Round your answer to the nearest dollar.)