Question

One of the biggest factors in determining the value of a home is the square footage. The accompanying data represent the square footage and selling price​ (in thousands of​dollars) for a random sample of homes for sale in a certain region. Complete all parts below

(A.) Which variable is the explanatory variable?

a. selling price

b. square footage

Square Footage, x Selling Price ($000s), y
2221 382.7
3046 353.4
1175 197.2
1938 332.2
3166 630.2
2857    383.9
4086 623.6
2096    359
2653 431.9
1745 303.8
1784 270.8
3951   711

​(c) Determine the linear correlation coefficient between square footage and asking price.

r=____ ​(Round to three decimal places as​ needed.)

​(d) Is there a linear relation between square footage and asking​ price?

a.Yes

b. No

​(e) Find the​ least-squares regression line treating square footage as the explanatory variable.

^y =__x+(___) ​(Round to two decimal places as​ needed.)

​(f) Interpret the slope. Select the correct choice below​ and, if​ necessary, fill in the answer box to complete your choice.

A.For a house that is 0 square​ feet, the predicted selling price is ____ thousand dollars. ​(Round to two decimal places as​ needed.)

B.For a house that is sold for​ $0, the predicted square footage is ____ ​(Round to two decimal places as​ needed.)

C.For every additional square​ foot, the selling price increases by____ thousand​ dollars, on average. ​(Round to two decimal places as​ needed.)

D.For every additional thousand dollars in selling​ price, the square footage increases by ____ square​ feet, on average. ​(Round to two decimal places as​ needed.)

E.It is not appropriate to interpret the slope.

​(g) Is it reasonable to interpret the​ y-intercept? Why? Select the correct choice below​ and, if​ necessary, fill in the answer box to complete your choice.

A.Yes—a house of ___ square feet is possible and within the scope of the model. ​(Type an integer or a simplified​ fraction.)

B.No—a house of_____square feet is not possible. ​(Type an integer or a simplified​ fraction.)

C.No—a house of____ square feet is not possible and outside the scope of the model. ​(Type an integer or a simplified​ fraction.)

D.No—a house of_____ square feet is outside the scope of the model ​(Type an integer or a simplified​ fraction.)

E.

More information about the houses is necessary before deciding.

​(h) One home that is

14241424

square feet is sold for

​$205205

thousand. Is this​ home's price above or below average for a home of this​ size?

The​ home's price is

▼

below

above

the average price. The average price of a home that is

14241424

square feet is

​$nothing

thousand.

​(Round to the nearest whole number as​ needed.)

Answer 1