Question: A real estate agency collects data concerning y= the sales price of a house (in thousands of dollars), and x = the home size (in hundreds of square feet)

a) Find the value of the linear correlation coefficient r.

b) Find the value of the coefficient of determination r², and interpret the meaning for this problem.

c) Is there a linear correlation between home size and sales price? Test it at the 0.05 significance level.

d) If there is a linear correlation, what is the regression equation?

e) Interpret the meaning of the slope b₁ in this problem.

f) Interpret the meaning of the y-intercept b₀ in this problem. Will this make sense to the data set?

g) Using (d), find the predicted sales price that has home size of 1200 ft².

h) Find the standard error of estimate S_YX.

i) Find the total variation SST.

j) Using (b) and (i), find the explained variation SSR.