Question

The following table provides information on the living area (sq ft) and price (in thousands of dollars) of 10 randomly selected houses listed for sale. Use Excel spreadsheet to perform analysis.

living Area - 3008 (sq ft) 2032    2272   1840   2579    2583    1650   3932    2978    2176

Price -             $275         220     255     189     260       284      172    370      295     260

1. Enter x, y data provided into Excel.
2. Create a scatter diagram to include labels.
3. Run the data analysis tool with 93% confidence interval.
4. Label SST, SSR and SSE. Explain SST as it relates to the problem.
5. Label a (y-intercept) and b (slope). Describe each as they relate to the problem.
6. Use the values from #5 to write your regression line.
7. Label the standard error.
8. Label the r and r² values. Explain if this is a good model (please use correct values for r and r²)
9. Explain the residuals in the last section of the data analysis output.
10. Be sure that your Excel sheet has original input values from #1, #2, and the regression sheet. Answers that don't need typed into excel may be typed into a separate word doc or directly into excel sheet

Answer 1