ATA file Houses 59. Home Size and Price. Is the number of square feet of living space a good predictor of a house's selling price? The following data collected in April, 2015, show the square foot- age and selling price for fifteen houses in Winston Salem, North Carolina (Zillow.com). Size (1000s sq. ft) 1.26 3.02 1.99 .91 1.87 2.63 2.60 2.27 2.30 2.08 1.12 1.38 1.80 1.57 1.45 Selling Price ($1000s) 117.5 299.9 139.0 45.6 129.9 274.9 259.9 177.0 175.0 189.9 95.0 82.1 169.0 96.5 114.9 Source: Zillow.com, April 5, 2015. (https://www.zillow.com/) a. Develop a scatter diagram with square feet of living space as the independent vari- able and selling price as the dependent variable. What does the scatter diagram indicate about the relationship between the size of a house and the selling price? b. Develop the estimated regression equation that could be used to predict the selling price given the number of square feet of living space. c. At the .05 level, is there a significant relationship between the two variables? d. Use the estimated regression equation to predict the selling price of a 2000 square foot house in Winston Salem, North Carolina.
ATA file Houses 59. Home Size and Price. Is the number of square feet of living space a good predictor of a house's selling price? The following data collected in April, 2015, show the square foot- age and selling price for fifteen houses in Winston Salem, North Carolina (Zillow.com). Size (1000s sq. ft) 1.26 3.02 1.99 .91 1.87 2.63 2.60 2.27 2.30 2.08 1.12 1.38 1.80 1.57 1.45 Selling Price ($1000s) 117.5 299.9 139.0 45.6 129.9 274.9 259.9 177.0 175.0 189.9 95.0 82.1 169.0 96.5 114.9 Source: Zillow.com, April 5, 2015. (https://www.zillow.com/) a. Develop a scatter diagram with square feet of living space as the independent vari- able and selling price as the dependent variable. What does the scatter diagram indicate about the relationship between the size of a house and the selling price? b. Develop the estimated regression equation that could be used to predict the selling price given the number of square feet of living space. c. At the .05 level, is there a significant relationship between the two variables? d. Use the estimated regression equation to predict the selling price of a 2000 square foot house in Winston Salem, North Carolina.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
C14 #59
Transcribed Image Text:716
DATA file
Online Edu
Chapter 14 Simple Linear Regression
e. Do you believe the estimated regression equation developed in part (b) will provide
a good prediction of selling price of a particular house in Winston Salem, North
Carolina? Explain.
f. Would you be comfortable using the estimated regression equation developed in
part (b) to predict the selling price of a particular house in Seattle, Washington?
Why or why not?
60. Online Education. One of the biggest changes in higher education in recent years has
been the growth of online universities. The Online Education Database is an independ-
ent organization whose mission is to build a comprehensive list of the top accredited
online colleges. The following table shows the retention rate (%) and the graduation
rate (%) for 29 online colleges.
Retention
Rate (%)
7
51
4
29
33
47
Graduation
Rate (%)
25
25
28
32
33
Transcribed Image Text:DATA file
WSHouses
300 Value in part (e) is beyond the range of the data used to develop the estimated
regression equation?
59. Home Size and Price. Is the number of square feet of living space a good predictor of a
house's selling price? The following data collected in April, 2015, show the square foot-
age and selling price for fifteen houses in Winston Salem, North Carolina (Zillow.com).
Size
(1000s sq. ft)
1.26
3.02
1.99
.91
1.87
2.63
2.60
2.27
2.30
2.08
1.12
1.38
1.80
1.57
1.45
Selling Price
($1000s)
117.5
299.9
139.0
45.6
129.9
274.9
259.9
177.0
175.0
189.9
95.0
82.1
169.0
96.5
114.9
Source: Zillow.com, April 5, 2015. (https://www.zillow.com/)
a. Develop a scatter diagram with square feet of living space as the independent vari-
able and selling price as the dependent variable. What does the scatter diagram
indicate about the relationship between the size of a house and the selling price?
b. Develop the estimated regression equation that could be used to predict the selling
price given the number of square feet of living space.
c. At the .05 level, is there a significant relationship between the two variables?
d. Use the estimated regression equation to predict the selling price of a 2000 square
foot house in Winston Salem, North Carolina.
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