Compute the coefficient of correlation

Reference no: EM132291834

Question: linear Regression

Let's say that we had data on the prices of homes on sale and the actual number of sales of homes:

Price(thousands of $)	Sales of new homes
160	126
180	103
200	82
220	75
240	82
260	40
280	20

Answer all the following questions:

1) Construct a scatter diagram with Price and Sales.

2) Is there any relationship between Price and Sales?

3) Compute the coefficient of correlation.

4) Comment on the value of the coefficient of correlation.

5) Use the regression equation to predict Price when the Sales are 65.

Reference no: EM132291834

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