Concept explainers
You want to develop a model to predict the asking price of homes based on their size. A sample of single-family houses listed for sale in Silver Spring, Marland, a suburb of Washington, DC, is selected to study the relationship between asking price (in
a. Construct a
b. Interpret the meaning of the
c. Use the prediction line developed in (a) to predict the
d. Determine the coefficient
e. Perform a residual analysis on your results and evaluate the regression assumptions.
f. At The 0.05 level of significance, is there evidence of a linear relationship between asking price and living space?
g. Construct a
h. What conclusions can you reach about the relationship between the living space and asking price?
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