Statistics for Business & Economics, Revised (MindTap Course List)

12th Edition

ISBN: 9781285846323

Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran

Publisher: South-Western College Pub

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Textbook Question

Chapter 14.8, Problem 49E

Recent family home sales in San Antonio provided the following data (San Antonio Realty Watch website, November 2008).

Square Footage	Price ($)
1580	142,500
1572	145,000
1352	115,000
2224	155,900
1556	95,000
1435	128,000
1438	100,000
1089	55,000
1941	142,000
1698	115,000
1539	115,000
1364	105,000
1979	155,000
2183	132,000
2096	140,000
1400	85,000
2372	145,000
1752	155,000
1386	80,000
1163	100,000

a. Develop the estimated regression equation that can be used to predict the sales prices given the square footage.
b. Construct a residual plot of the standardized residuals against the independent variable.
c. Do the assumptions about the error term and model form seem reasonable in light of the residual plot?

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Chapter 14.8, Problem 48E

Chapter 14.9, Problem 50E

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Chapter 14 Solutions

Statistics for Business & Economics, Revised (MindTap Course List)

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