Hanna Properties, Inc. specializes in custom home resales in Equestrian Estates. A random sample of 8...

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Hanna Properties, Inc. specializes in custom home resales inEquestrian Estates. A random sample of 8 currently listed homesprovided the following information on size of home and the price ofthe home. The size data are in hundreds of square feet, rounded tothe nearest hundred, and the price data are in thousands ofdollars, rounded to the nearest thousand.
Size (X) Price (Y)
26 235
27 249
33 267
29 269
34 345
30 415
40 475
22 195

a) Compute the regression equation for price in terms of size.
b) Interpret the meaning of the regression parameters.
c) Compute r and r². Interpret thesestatistics
d) Based upon the model above, what would be the predicted salesprice of a home that is 3100 square feet?

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4.3 Ratings (712 Votes)

afrom above regression equation Price 12959014468Sizebhere slope 14468 tells us that for a unit increase in size theprice increases 14468 on See Answer

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