A local realtor wishes to study the relationship between selling
price (in $) and house size
(in square feet). A sample of 10 homes is selected at random. The
data is given below:
PRICE |
HOUSESIZE |
|
100000 |
1600 |
|
107000 |
1750 |
|
121000 |
1900 |
|
124000 |
2150 |
|
132000 |
2400 |
|
140000 |
2300 |
|
144000 |
2400 |
|
158000 |
2700 |
|
170000 |
3000 |
|
182000 |
2900 |
a) Find the regression equation relating Price to Square
Footage.
b) Calculate the correlation coefficient, accurate to three decimal places
c) Test the significance of the correlation coefficient with a
0.05 level of significance.
Include definition of hypotheses, test statistic, p-value or
critical value, decision about Ho, and conclusion.
d) What is the best estimate for a 2000 sq. ft home?
A local realtor wishes to study the relationship between selling price (in $) and house size...
A realtor studies the relationship between the size of a house (in square feet) and the property taxes (in $) owed by the owner. The table below shows a portion of the data for 20 homes in a suburb 60 miles outside of New York City. [You may find it useful to reference the t table.] Property Taxes Size 21809 2498 17409 2460 18203 1841 15606 1063 43981 5615 33626 2564 15203 2231 16775 1925 18257 2049 16775 1398 15164...
A realtor studies the relationship between the size of a house (in square feet) and the property taxes owed by the owner. He collects the following data on six homes in an affluent suburb 60 miles outside of New York City. Use Table 2. Square Feet Property Taxes ($) Home 1 4,015 12,522 Home 2 2,798 9,332 Home 3 5,184 22,706 Home 4 2,259 6,487 Home 5 1,531 5,201 Home 6 3,301 7,878 Click here...
A realtor studies the relationship between the size of a house (in square feet) and the property taxes owed by the owner. He collects the following data on six homes in an affluent suburb 60 miles outside of New York City. Use Table 2. Square Feet Property Taxes ($) Home 1 4,152 12,143 Home 2 2,759 9,141 Home 3 5,054 22,715 Home 4 2,151 6,369 Home 5 1,530 5,249 Home 6 3,360 7,885 Picture Click here for the Excel Data...
Ches A realtor in Arlington, Massachusetts, is analyzing the relationship between the sale price of a home (Price in $), its square footage (Sqft), the number of bedrooms (Beds), and the number of bathrooms (Baths). She collects data on 36 sales in Arlington in the first quarter of 2009 for the analysis. A portion of the data is shown in the accompanying table. Price 672.000 569.077 Sqft 2,212 1.731 Beds Baths 5 1.0 11.5 307,500 850 1 1.0 Click here...
a. What is the Sample Regression Equation? b. Which of the independent variables are significant? Why? Use α = 0.10 in ALL questions. Use only the p-value to explain your answers (No need to go to tables). c. Test the overall significance of the model by relying on F Statistic. d. What is the value of adjusted r-square? e. Comment on the Normality assumption for the residuals for this model. In other word, has the normality assumption been satisfied? Explain...