Real estate A random sample of records of sales ofhomes from February 15 to April 30, 1993, from the filesmaintained by the Albuquerque Board of Realtors gives the Price and Size (in square feet) of 117 homes. A re-gression to predict Price (in thousands of dollars) from Size has an R-squared of 71.4%. The residuals plot indi-cated that a linear model is appropriate. a) What are the variables and units in this regression?b) What units does the slope have?c) Do you think the slope is positive or negative?Explain.

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.