Chapter 1.4, Problem 35E

(a)

To determine

To calculate: The regression line, the correlation coefficient r and also plot the provided points along with the obtained regression line using the technology and round off all the coefficients to two decimal places when the table representing the average price of the two-bedroom apartment in downtown New York City during the period $1994-2004$ where t is the number of years since $1994$ is as follows:

Year, t	$0$	$2$	$4$	$6$	$8$	$10$
Price, p (in million dollars)	$0.38$	$0.40$	$0.60$	$0.95$	$1.20$	$1.60$

(b)

To determine

Whether the graph shows linear or non-linear relationship between t and p and give reason for the appropriate answer using the graph which is calculated in part (a).

(c)

To determine

To calculate: The residuals using the technology and also justify the result obtained in part (b) by using the residuals when the table representing the average price of the two-bedroom apartment in downtown New York City during the period $1994-2004$ where t is the number of years since $1994$ is as follows:

Year, t	$0$	$2$	$4$	$6$	$8$	$10$
Price, p (in million dollars)	$0.38$	$0.40$	$0.60$	$0.95$	$1.20$	$1.60$