Question

In: Statistics and Probability

A lecturer wanted to analyze the relationship between land area (X, square metre) in the locality...

A lecturer wanted to analyze the relationship between land area (X, square metre) in the locality of a certain district in one of the state in Malaysia and the land price (Y, RM million), by using nine plots selected randomly. The following statistics were obtained. ∑ ? = 5233; ∑ ? 2 = 3120639;∑ ? = 14.9; ∑ ? 2 = 28.89; ∑ ?? = 9217.8 a) Find the equation of the least squares regression line relating the land area and land price.

Hence, explain the meaning of the slope obtain

b) Calculate the correlation coefficient and interpret the value obtained

Solutions

Expert Solution

a) Find the equation of the least squares regression line relating the land area and land price.

Hence, explain the meaning of the slope obtain (5 marks)

Meaning of slope

On average, each 1 increase in the land area was associated with a 0.0071 point change in the land price.

b) Calculate the correlation coefficient and interpret the value obtained (3 marks)

r=0.9662

Interpretation: The correlation coefficient r is used to know the relationship between two variables and r=0.9662 implies there is a strong positive correlation between the land area (X) and the land price (Y).

orchestra answered 1 year ago
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