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Fundamentals of Statistics | 4th Edition | ISBN: 9780321838704 | Authors: Michael Sullivan,III
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Chapter 3, Problem 28AYU

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QUESTION:

Problem 28AYU

Putting It Together: Housing PricesOne of the biggest factors in determining the value of a home is the square footage. The following data represent the square footage and asking price (in thousands of dollars) for a random sample of homes for sale in Naples, Florida, in December 2010.

Square Footage, x

Asking Price ($000s), y

1148

154

1096

159.9

1142

169

1288

169.9

1322

170

1466

179.9

1344

180

1544

189

1494

189.9

realtor.com

(a)Which variable is the explanatory variable?

(b)Draw a scatter diagram of the data.

(c)Determine the linear correlation coefficient between square footage and asking price.

(d)Is there a linear relation between the square footage and asking price?

(e)Find the least-squares regression line treating square footage as the explanatory variable.

(f)Interpret the slope.

(g)Is it reasonable to interpret the y-intercept? Why?

(h)One home that is 1092 square feet is listed at $189,900. Is this home’s price above or below average for a home of this size? What might be some reasons for this price?

Questions & Answers

QUESTION:

Problem 28AYU

Putting It Together: Housing PricesOne of the biggest factors in determining the value of a home is the square footage. The following data represent the square footage and asking price (in thousands of dollars) for a random sample of homes for sale in Naples, Florida, in December 2010.

Square Footage, x

Asking Price ($000s), y

1148

154

1096

159.9

1142

169

1288

169.9

1322

170

1466

179.9

1344

180

1544

189

1494

189.9

realtor.com

(a)Which variable is the explanatory variable?

(b)Draw a scatter diagram of the data.

(c)Determine the linear correlation coefficient between square footage and asking price.

(d)Is there a linear relation between the square footage and asking price?

(e)Find the least-squares regression line treating square footage as the explanatory variable.

(f)Interpret the slope.

(g)Is it reasonable to interpret the y-intercept? Why?

(h)One home that is 1092 square feet is listed at $189,900. Is this home’s price above or below average for a home of this size? What might be some reasons for this price?

ANSWER:

Answer :

Step 1 :

Given, square footage and asking price for a random sample of homes for sale in Naples.

Square footage, x

Asking price, y

1148

154

1096

159.9

1142

169

1288

169.9

1322

170

1466

179.9

1344

180

1544

189

1494

189.9

  1. Explanatory variable : is a type of independent variable

   

        price depends on the square footage. So, square footage is the explanatory variable.

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