4. A study was conducted to investigate the relationship between the size of a house (in square feet) and the selling price of a house (in dollars). The response variable is price in dollars, and we want to study if the covariate of the square footage helps explain the response. A random sample of 522 houses was used, and the linear regression output from R is below.
4. A study was conducted to investigate the relationship between the size of a house (in square feet) and the selling price of a house (in dollars). The response variable is price in dollars, and we want to study if the covariate of the square footage helps explain the response. A random sample of 522 houses was used, and the linear regression output from R is below.
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter1: Equations And Graphs
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Transcribed Image Text:4. A study was conducted to investigate the relationship between the size of a house (in square
feet) and the selling price of a house (in dollars). The response variable is price in dollars, and we
want to study if the covariate of the square footage helps explain the response.
A random sample of 522 houses was used, and the linear regression output from R is below.
price sqft, data = house)
1m (formula
=
Coefficients:
Estimate Std. Error t value Pr(>|t|)
(Intercept) -81432.946 11551.846 -7.049 5.74e-12 ***
sqft
158.950
4.875 32.605 < 2e-16 ***
Residual standard error: 79120 on 520 degrees of freedom
Multiple R-squared: 0.6715, Adjusted R-squared: 0.6709
Transcribed Image Text:e. State the coefficient of determination value R² and interpret it in context of the study.
f. What is the estimate of the correlation coefficient, R?
g. What is the estimated standard deviation of the selling price given a square footage ?
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