a. Explanation Calculation: The data of the size and selling price of houses in Winston Salem, North Carolina are given. In the given problem price of the house is the dependent variable and the size is the independent variable. Scatterplot : Software procedure: Step by step procedure to draw scatterplot using MINITAB software is given as, Choose Graph > Scatterplot . Choose Simple , and then click OK ... b. To determine Find the estimated regression equation to predict the selling price given the number of square feet of living space. c. To determine Test for a significant relationship at α = 0.05 . d. To determine Predict the selling price of a 2,000 square foot house in Winston Salem, North Carolina. e. To determine Explain whether the estimated regression provides good predictions of selling price of a particular house in Winston Salem, North Carolina. f. To determine Explain whether it is comfortable that the estimated regression equation developed in part ( b ) to predict the selling price of a particular house in Seattle, Washington.

MindTap Business Statistics, 1 term (6 months) Printed Access Card for Anderson/Sweeney/Williams/Camm/Cochran's Essentials of Statistics for Business and Economics, 8th

8th Edition

ISBN: 9781337114288

Author: Anderson, David R.; Sweeney, Dennis J.; Williams, Thomas A.; Camm, Jeffrey D.; Cochran, James J.

Publisher: Cengage Learning

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Question

Chapter 14, Problem 59SE

To determine

Draw a scatter diagram with square feet of living space as the independent variable and selling price as the dependent variable and describe the relationship between the size of a house and the selling price.

To determine

Find the estimated regression equation to predict the selling price given the number of square feet of living space.

To determine

Test for a significant relationship at α=0.05.

To determine

Predict the selling price of a 2,000 square foot house in Winston Salem, North Carolina.

To determine

Explain whether the estimated regression provides good predictions of selling price of a particular house in Winston Salem, North Carolina.

To determine

Explain whether it is comfortable that the estimated regression equation developed in part (b) to predict the selling price of a particular house in Seattle, Washington.

Expert Solution & Answer

Chapter 14 Solutions

MindTap Business Statistics, 1 term (6 months) Printed Access Card for Anderson/Sweeney/Williams/Camm/Cochran's Essentials of Statistics for Business and Economics, 8th

Ch. 14.2 - Given are five observations for two variables, x...Ch. 14.2 - Given are five observations for two variables, x...Ch. 14.2 - Given are five observations collected in a...Ch. 14.2 - Retail and Trade: Female Managers. The following...Ch. 14.2 - Production Line Speed and Quality Control. Brawdy...Ch. 14.2 - Prob. 6E Ch. 14.2 - Sales Experience and Performance. A sales manager...Ch. 14.2 - Broker Satisfaction. The American Association of...Ch. 14.2 - Estimating Landscaping Expenditures. David’s...Ch. 14.2 - Prob. 10E

Ch. 14.2 - Laptop Ratings. To help consumers in purchasing a...Ch. 14.2 - Prob. 12E Ch. 14.2 - Auditing Itemized Tax Deductions. To the Internal...Ch. 14.2 - Distance and Absenteeism. A large city hospital...Ch. 14.3 - 15. The data from exercise 1...Ch. 14.3 - Prob. 16E Ch. 14.3 - The data from exercise 3 follow. The estimated...Ch. 14.3 - Price and Quality of Headphones. The following...Ch. 14.3 - Prob. 19E Ch. 14.3 - Price and Weight of Bicycles. Bicycling, the...Ch. 14.3 - Cost Estimation. An important application of...Ch. 14.3 - Prob. 22E Ch. 14.5 - The data from exercise 1 follow. Compute the mean...Ch. 14.5 - The data from exercise 2 follow. Compute the mean...Ch. 14.5 - The data from exercise 3 follow. What is the...Ch. 14.5 - Headphones Conclusion. In exercise 18, the data on...Ch. 14.5 - Prob. 27E Ch. 14.5 - Broker Satisfaction Conclusion. In exercise 8,...Ch. 14.5 - Cost Estimation Conclusion. Refer to exercise 21,...Ch. 14.5 - Prob. 30E Ch. 14.5 - Significance of Racing Bike Weight on Price. In...Ch. 14.6 - The data from exercise 1 follow. xi 1 2 3 4 5 yi 3...Ch. 14.6 - Prob. 33E Ch. 14.6 - 34. The data from exercise 3...Ch. 14.6 - Prob. 35E Ch. 14.6 - 36. In exercise 7, the data on y = annual sales ($...Ch. 14.6 - In exercise 13, data were given on the adjusted...Ch. 14.6 - Prob. 38E Ch. 14.6 - Prob. 39E Ch. 14.7 - Apartment Selling Price. The commercial division...Ch. 14.7 - Computer Maintenance. Following is a portion of...Ch. 14.7 - Annual Sales and Salesforce. A regression model...Ch. 14.7 - Prob. 43E Ch. 14.7 - Auto Racing Helmet. Automobile racing,...Ch. 14.8 - Given are data for two variables, x and y. a....Ch. 14.8 - Prob. 46E Ch. 14.8 - Restaurant Advertising and Revenue. Data on...Ch. 14.8 - Experience and Sales. Refer to exercise 7, where...Ch. 14.8 - Prob. 49E Ch. 14.9 - Consider the following data for two variables, x...Ch. 14.9 - Consider the following data for two variables, x...Ch. 14.9 - Predicting Charity Expenses. Charity Navigator is...Ch. 14.9 - Prob. 53E Ch. 14.9 - Valuation of a Major League Baseball Team. The...Ch. 14 - 55. Does a high value of r2 imply that two...Ch. 14 - Prob. 56SE Ch. 14 - What is the purpose of testing whether 1 = 0? If...Ch. 14 - The Dow Jones Industrial Average (DJIA) and the...Ch. 14 - Prob. 59SE Ch. 14 - Prob. 60SE Ch. 14 - Machine Maintenance. Jensen Tire & Auto is in the...Ch. 14 - Production Rate and Quality Control. In a...Ch. 14 - Absenteeism and Location. A sociologist was hired...Ch. 14 - Bus Maintenance. The regional transit authority...Ch. 14 - Studying and Grades. A marketing professor at...Ch. 14 - Income and Percent Audited. The Transactional...Ch. 14 - Used Car Mileage and Price. The Toyota Camry is...Ch. 14 - One measure of the risk or volatility of an...Ch. 14 - As part of a study on transportation safety, the...Ch. 14 - Consumer Reports tested 166 different...Ch. 14 - When trying to decide what car to buy, real value...Ch. 14 - Buckeye Creek Amusement Park is open from the...

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