Regression equation and analysis

Reference no: EM1395818

A sample of 12 homes sold last week in St Paul, Minnesota, is selected. The results are shown below

Home Size (1000 square feet) Home Price ($1000)
1.4 100
1.3 110
1.2 105
1.1 120
1.4 80
1 105
1.3 110
0.8 85
1.2 105
0.9 75
1.1 70
1.1 95

Create a scatterplot. Insert the trendline into the graph and show the regression equation.

What is the regression equation? Identify the slope and y-intercept.

What does the slope tell you?

Determine and interpret the coefficient of determination.

What would be the estimated selling price of a home that has one thousand square feet?

Reference no: EM1395818

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