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

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

Give the simple linear regression model and assumptions.

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

Give the 95% confidence interval for the slope parameter.

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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