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iii. Identify coefficient of correlation and interpret its meaning. iv. Find the coefficient of determination and interpret its meaning.

iii. Identify coefficient of correlation and interpret its meaning. iv. Find the coefficient of determination and interpret its meaning.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Do question iii and iv only. 

Question 4 A store manager wants to determine the effect of house sizes on sales prices. He has randomly selected 10 houses for the study. The sizes of houses (square feet) and sales prices ($'000) were recorded as below. No. House Size (square feet) Sales Price ($'000) 1 1002 772 1252 526 3 1270 398 1200 330 5 1591 797 6. 1971 794 1182 720 8. 1010 585 9. 1659 781 10 1618 635 Scatterplot of Sales Price vs House Size 900 800 700 600 500 400 300 200 100 500 1000 1500 2000 2500 House Size i. Interpret the scatterplot. ii. Using MS Excel, write down the equation of the regression line and interpret the regression coefficients. iii. Identify coefficient of correlation and interpret its meaning. iv. Find the coefficient of determination and interpret its meaning. Sales Price
Transcribed Image Text:Question 4 A store manager wants to determine the effect of house sizes on sales prices. He has randomly selected 10 houses for the study. The sizes of houses (square feet) and sales prices ($'000) were recorded as below. No. House Size (square feet) Sales Price ($'000) 1 1002 772 1252 526 3 1270 398 1200 330 5 1591 797 6. 1971 794 1182 720 8. 1010 585 9. 1659 781 10 1618 635 Scatterplot of Sales Price vs House Size 900 800 700 600 500 400 300 200 100 500 1000 1500 2000 2500 House Size i. Interpret the scatterplot. ii. Using MS Excel, write down the equation of the regression line and interpret the regression coefficients. iii. Identify coefficient of correlation and interpret its meaning. iv. Find the coefficient of determination and interpret its meaning. Sales Price
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