Business The following table gives the number of completed new single family homes (in thousands) from the years 2002 to 2012. (Data from: U.S. Census Bureau.)
Year | Housing Units | Year | Housing Units |
2002 | 1648 | 2008 | 1120 |
2003 | 1679 | 2009 | 794 |
2004 | 1842 | 2010 | 652 |
2005 | 1931 | 2011 | 585 |
2006 | 1979 | 2012 | 650 |
2007 | 1503 |
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Do you think the linear model of Exercise is a good fit for these data? Why or why not?
Exercise
If you have access to the appropriate technology, verify that the least-squares regression line that models these data (with rounded coefficients) is y = -146.1x + 2330 , where x = 2 corresponds to the year 2002.
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