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Statistics / Stats: Data and Models 4 / Chapter 6 / Problem 29E

Stats: Data and Models | 4th Edition | ISBN: 9780321986498 | Authors: Richard D. De Veaux, Paul F. Velleman, David E. Bock

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Real estate A random sample of records of sales of homes

Chapter 6, Problem 29E

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QUESTION:

Real estate A random sample of records of home sales from Feb. 15 to Apr. 30, 1993, from the files maintained by the Albuquerque Board of Realtors gives the Price and Size (in square feet) of 117 homes. A regression to predict Price (in thousands of dollars) from Size has an \(R^2\) of 71.4%. The residuals plot indicated that a linear model is appropriate.

a) What are the variables and units in this regression?

b) What units does the slope have?

c) Do you think the slope is positive or negative? Explain.

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QUESTION:

Real estate A random sample of records of home sales from Feb. 15 to Apr. 30, 1993, from the files maintained by the Albuquerque Board of Realtors gives the Price and Size (in square feet) of 117 homes. A regression to predict Price (in thousands of dollars) from Size has an \(R^2\) of 71.4%. The residuals plot indicated that a linear model is appropriate.

a) What are the variables and units in this regression?

b) What units does the slope have?

c) Do you think the slope is positive or negative? Explain.

ANSWER:

Step 1 of 4

Files contain the Price and Size(in sqft) of 117 homes.

The R squared value=71.4%.

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