Square footage and home price in Broward County, Florida. The following table contains the square footage and price of a sample of homes in Broward County, Florida. Use this data for Exercises 1–17.
| Home | Square feet | Price |
|---|---|---|
| 1 | 1500 | $156,250 |
| 2 | 2000 | $225,000 |
| 3 | 2000 | $325,000 |
| 4 | 2500 | $412,500 |
| 5 | 2500 | $275,000 |
| 6 | 3000 | $525,000 |
| 7 | 3000 | $625,000 |
| 8 | 3500 | $756,250 |
browardprices
11. Calculate and interpret the prediction error in Exercise 10.
4.99.11
$43,750. The actual observed price of house with 3500 square feet lies above the predicted price of a house with 3500 square feet.