One of the biggest factors in determining the value of a home is the square footage. The accompanying data represent the square footage and asking price​ (in thousands of​ dollars) for a random sample of homes for sale. Complete parts​ (a) through​ (h). ​(a) Which variable is the explanatory​ variable? A. Determining the value of a home B. Asking price C. Number of homes D. Square footage
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One of the biggest factors in determining the value of a home is the square footage. The following data represent the square footage and asking price (in thousands of dollars) for a random sample of homes for sale in Naples, Florida, in December $2010 .$ (a) Which variable is the explanatory variable? (b) Draw a scatter diagram of the data. (c) Determine the linear correlation coefficient between square footage and asking price. (d) Is there a linear relation between the square footage and asking price? (e) Find the least-squares regression line treating square footage as the explanatory variable. (f) Interpret the slope. (g) Is it reasonable to interpret the $y$ -intercept? Why? (h) One home that is 1092 square feet is listed at $\$ 189,900 .$ Is this home's price above or below average for a home of this size? What might be some reasons for this price? (TABLE CAN'T COPY)
Describing the Relation between Two Variables
Least-Squares Regression
T. L.
Putting It Together: Housing Prices One of the biggest factors in determining the value of a home is the square footage. The following data represent the square footage and selling price (in thousands of dollars) for a random sample of homes for sale in Naples, Florida in January $2015 .$ $$ \begin{array}{cc} \text { Square Footage, } x & \text { Selling Price }(\$ 000 \mathrm{~s}), y \\ \hline 2204 & 379.9 \\ \hline 3183 & 375 \\ \hline 1128 & 189.9 \\ \hline 1975 & 338 \\ \hline 3101 & 619.9 \\ \hline 2769 & 370 \\ \hline 4113 & 627.7 \\ \hline 2198 & 375 \\ \hline 2609 & 425 \\ \hline 1708 & 298.1 \\ \hline 1786 & 271 \\ \hline 3813 & 690.1 \\ \hline \end{array} $$ (a) Which variable is the explanatory variable? (b) Draw a scatter diagram of the data. (c) Determine the linear correlation coefficient between square footage and asking price. (d) Is there a linear relation between the square footage and asking price? (e) Find the least-squares regression line treating square footage as the explanatory variable. (f) Interpret the slope. (g) Is it reasonable to interpret the $y$ -intercept? Why? (h) One home that is 1465 square feet is sold for $\$ 285,000$. Is this home's price above or below average for a home of this size? What might be some reasons for this price?
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