A random sample of records of sales of homes in the NRV gives the price (in thousands of dollars) and size (in square feet) of the homes yielded the following regression equation: y=48.82 +0.061*x Which of the following statements is true about the slope of this regression line?
1. We predict that for every dollar price increase, the size of the house will increase by 61 feet.
2. This is an example of extrapolation so any prediction will not be a useful one.
3. We predict that for every square foot increase in the size of a house, the price will increase by .061.
4. We predict that for every square foot increase in the size of a house, the price will increase by $61.00