Real Estate Prices The data relating the square feet of living space and the selling...

Real Estate Prices The data relating the square feet of living space and the selling price of 12 residential properties given in Example 3.5 are reproduced here. First, find the best-fitting line that describes these data, and then plot the line and the data points on the same graph. Comment on the goodness of the fitted line in describing the selling price of a residential property as a linear function of the square feet of living area.

Reference:

The data in Table 3.5 are the size of the living area (in square feet), x, and the selling price, y, of 12 residential properties. The scatterplot in Figure 3.6 shows a linear pattern in the data.