Math Solutions

[Steps Shown] A sample of home sales in a large city was recently collected on the size of the homes, in square feet, and the price of the homes, in thousands

Question: A sample of home sales in a large city was recently collected on the size of the homes, in square feet, and the price of the homes, in thousands of dollars. The output from Data Analysis/Regression is shown below.

Regression Statistics
Multiple R 0.755
R Square 0.570
Adjusted R Square 0.546
Standard Error 19.166
Observations 20
ANOVA
df SS MS F Significance F
Regression 1 8748.56 8748.56 23.82 0.0001
Residual 18 6612.04 367.34
Total 19 15360.60
Coefficients Standard Error t Stat P-value Lower 95% Upper 95%
Intercept 22.636 20.460 1.106 0.2831 -20.349 65.621
Size (sq ft) 0.059 0.012 4.880 0.0001 0.034 0.084
  1. Using the printout, determine the estimated regression equation and use it to estimate the price of a 2200 sq ft home. Show your work.
  2. Explain what the Size coefficient .059 means in the context of the problem.
  3. Is Size a significant predictor of Price? Use a significance level = 0.05. Justify your answer.
  4. Using the printout above, determine the following numbers.

Coefficient of determination = ___ SST = ___________

SSE = ________ SSR = _________ correlation coefficient = _________

Price: $2.99
Solution: The downloadable solution consists of 2 pages
Deliverable: Word Document


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