Question
In: Statistics and Probability
The following data on sale price, size, and land-to-building ratio for 10 large industrial properties appeared...
The following data on sale price, size, and land-to-building ratio for 10 large industrial properties appeared in a paper.
| Property | Sale Price (millions of dollars) |
Size (thousands of sq. ft.) |
Land-to- Building Ratio |
| 1 | 10.6 | 2165 | 2.1 |
| 2 | 2.5 | 751 | 3.5 |
| 3 | 30.6 | 2421 | 3.6 |
| 4 | 1.9 | 223 | 4.8 |
| 5 | 20.0 | 3916 | 1.8 |
| 6 | 8.0 | 2865 | 2.3 |
| 7 | 10.1 | 1698 | 3.1 |
| 8 | 6.8 | 1045 | 4.7 |
| 9 | 5.9 | 1109 | 7.6 |
| 10 | 4.5 | 406 | 17.2 |
(a) Calculate the value of the correlation coefficient between
sale price and size. (Give the answer to three decimal
places.)
r =
(b) Calculate the value of the correlation coefficient between sale
price and land-to-building ratio. (Give the answer to three decimal
places.)
r =
(c) If you wanted to predict sale price and you could use either
size or land-to-building ratio as the basis for making predictions,
which would you use?
SizeLand-to-building ratio
(d) Based on your choice in Part (c), find the equation of the
least-squares regression line you would use for predicting
y = sale price. (Give answers to three decimal
places.)
= + x
Solutions
orchestra answered 2 years agoRelated Solutions
The following data on sale price, size, and land-to-building ratio for 10 large industrial properties appeared...
The following data on sale price, size, and land-to-building
ratio for 10 large industrial properties appeared in a paper.
Property
Sale Price
(millions
of dollars)
Size
(thousands
of sq. ft.)
Land-to-
Building
Ratio
1
10.5
2166
1.9
2
2.5
752
3.6
3
30.4
2422
3.7
4
1.7
223
4.8
5
20.0
3917
1.6
6
8.1
2867
2.3
7
10.1
1698
3.1
8
6.7
1046
4.7
9
5.8
1109
7.5
10
4.6
405
17.1
(a) Calculate the value of the correlation...
The following data on sale price, size, and land-to-building ratio for 10 large industrial properties appeared...
The following data on sale price, size, and land-to-building
ratio for 10 large industrial properties appeared in a paper.
Property
Sale Price
(millions
of dollars)
Size
(thousands
of sq. ft.)
Land-to-
Building
Ratio
1
10.6
2165
1.9
2
2.5
751
3.4
3
30.4
2421
3.7
4
1.8
225
4.8
5
20.0
3916
1.7
6
8.0
2865
2.3
7
10.0
1698
3.2
8
6.7
1046
4.9
9
5.7
1109
7.6
10
4.5
404
17.1
(a) Calculate the value of the correlation...
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Lot Price is lot price in $1000s
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Mature Trees is the number of mature trees on the
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Distance from Water is the distance from the edge
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Distance from Road is the distance from the main
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Alternative 1 Slowtwitch has identified a parcel of land that is for sale. The listing price...
Alternative 1
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has on the confidence interval.
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, $283,900 , $147,800 , $219,900 , $248,900 , $187,500 ,
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IBM acquired land and a building for a purchase price of $2,290,000. Before purchasing, they paid...
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The following are advertised sale prices of color televisions at an electronics store. Size (inches) Sale...
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Size (inches)
Sale Price ($)
9
147
20
187
27
267
31
447
35
1177
40
2177
60
2497
Calculate the least squares line. Put the equation in the form
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ŷ = a + bx
Find the correlation coefficient r.
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places.)
$
Find the estimated...
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