Answered: The following table shows the assessed…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Question

The following table shows the assessed values and the

selling prices of eight houses, constituting a random sam-
ple of all the houses sold recently in a metropolitan area:

Assessed value Selling price
(thousands) (thousands)
(of dollars) (of dollars)
170.3 214.4
202.0 269.3
162.5 206.2
174.8 225.0
157.9 199.8
181.6 232.1
210.4 274.2
188.0 243.5

(a) Fit a least squares line that will enable us to predict
the selling price of a house in that metropolitan area in
terms of its assessed value.

(b) Test the null hypothesis β = 1.30 against the alterna-
tive hypothesis β > 1.30 at the 0.05 level of significance.

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