The following data on sale price, size, and land-to-building ratio for 10 large industrial properties appeared in a paper. Property Sale Price (millions of dollars) Size (thousands of sq. ft.) Land-to- Building Ratio 1 10.5 2167 2.1 2 2.6 750 3.4 3 30.6 2421 3.7 4 1.9 223 4.7 5 20.1 3916 1.7 6 8.1 2865 2.3 7 10.2 1699 3.2 8 6.6 1047 4.9 9 5.7 1107 7.5 10 4.4 405 17.3 (a) Calculate the value of the correlation coefficient between sale price and size. (Give the answer to three decimal places.) r = (b) Calculate the value of the correlation coefficient between sale price and land-to-building ratio. (Give the answer to three decimal places.) r = (c) If you wanted to predict sale price and you could use either size or land-to-building ratio as the basis for making predictions, which would you use? 1 - Size 2 - Land-to-building ratio (choose either 1 or 2 as the answer). (d) Based on your choice in Part (c), find the equation of the least-squares regression line you would use for predicting y = sale price. (Give answers to three decimal places.) y = (________________) + (___________________)x
The following data on sale price, size, and land-to-building ratio for 10 large industrial properties appeared in a paper. Property Sale Price (millions of dollars) Size (thousands of sq. ft.) Land-to- Building Ratio 1 10.5 2167 2.1 2 2.6 750 3.4 3 30.6 2421 3.7 4 1.9 223 4.7 5 20.1 3916 1.7 6 8.1 2865 2.3 7 10.2 1699 3.2 8 6.6 1047 4.9 9 5.7 1107 7.5 10 4.4 405 17.3 (a) Calculate the value of the correlation coefficient between sale price and size. (Give the answer to three decimal places.) r = (b) Calculate the value of the correlation coefficient between sale price and land-to-building ratio. (Give the answer to three decimal places.) r = (c) If you wanted to predict sale price and you could use either size or land-to-building ratio as the basis for making predictions, which would you use? 1 - Size 2 - Land-to-building ratio (choose either 1 or 2 as the answer). (d) Based on your choice in Part (c), find the equation of the least-squares regression line you would use for predicting y = sale price. (Give answers to three decimal places.) y = (________________) + (___________________)x
Mathematics For Machine Technology
8th Edition
ISBN:9781337798310
Author:Peterson, John.
Publisher:Peterson, John.
Chapter29: Tolerance, Clearance, And Interference
Section: Chapter Questions
Problem 16A: Spacers are manufactured to the mean dimension and tolerance shown in Figure 29-12. An inspector...
Related questions
Topic Video
Question
100%
The following data on sale price, size, and land-to-building ratio for 10 large industrial properties appeared in a paper.
| Property | Sale Price (millions of dollars) |
Size (thousands of sq. ft.) |
Land-to- Building Ratio |
| 1 | 10.5 | 2167 | 2.1 |
| 2 | 2.6 | 750 | 3.4 |
| 3 | 30.6 | 2421 | 3.7 |
| 4 | 1.9 | 223 | 4.7 |
| 5 | 20.1 | 3916 | 1.7 |
| 6 | 8.1 | 2865 | 2.3 |
| 7 | 10.2 | 1699 | 3.2 |
| 8 | 6.6 | 1047 | 4.9 |
| 9 | 5.7 | 1107 | 7.5 |
| 10 | 4.4 | 405 | 17.3 |
(a) Calculate the value of the correlation coefficient between sale price and size. (Give the answer to three decimal places.)
r =
(b) Calculate the value of the correlation coefficient between sale price and land-to-building ratio. (Give the answer to three decimal places.)
r =
r =
(b) Calculate the value of the correlation coefficient between sale price and land-to-building ratio. (Give the answer to three decimal places.)
r =
(c) If you wanted to predict sale price and you could use either size or land-to-building ratio as the basis for making predictions, which would you use?
(d) Based on your choice in Part (c), find the equation of the least-squares regression line you would use for predicting y = sale price. (Give answers to three decimal places.)
y = (________________) + (___________________)x
1 - Size
2 - Land-to-building ratio
(choose either 1 or 2 as the answer).
(d) Based on your choice in Part (c), find the equation of the least-squares regression line you would use for predicting y = sale price. (Give answers to three decimal places.)
y = (________________) + (___________________)x
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,