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In: Statistics and Probability

Hanna Properties specializes in custom-home resales in Equestrian Estates, an exclusive subdivision in Phoenix, AZ.  A random...

  1. Hanna Properties specializes in custom-home resales in Equestrian Estates, an exclusive subdivision in Phoenix, AZ.  A random sample of nine custom homes currently listed for sale provided the following information on size and price,  Here, x denotes size, in hundreds of square feet rounded to the nearest hundred, and y denotes price, in thousands of dollars, rounded to the nearest thousand.

x

26

27

33

29

29

34

30

40

22

y

290

305

325

327

356

411

488

554

246

  1. Give the simple linear regression model and assumptions.

  1. Write down the least squares regression line (3 decimal places).  

  1. Give the 95% confidence interval for the slope parameter.

  1. Test for a significant linear relationship between x and y at the 5% significance level.  Give the hypotheses, test statistic, conclusion, and interpretation.

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Expert Solution

orchestra answered 1 year ago
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