Question: 24 Do the following.

a. Compute the standard error of the estimate and interpret your answer.

b. Interpret your result from part (a) if the assumptions for regression inferences hold.

c. Obtain a residual plot and a normal probability plot of the residuals.

d. Decide whether you can reasonably consider Assumptions 1-3 for regression inferences to be met by the variables under consideration. (The answer here is subjective, especially in view of the extremely small sample sizes.)

Custom Homes. Use the size and price data for custom homes from Exercise 15.18.