A random sample of records of home sales from Feb. 15 to Apr. 30, 1993, from the files maintained by the Albuquerque Board of Realtors gives the Price and Size (in square feet) of 117 homes. A regression to predict Price (in thousands of dollars) from Size has an R2 of 71.4%. The residuals plot indicated that a linear model is appropriate.
a) What are the variables and units in this regression?
b) What units does the slope have?
c) Do you think the slope is positive or negative? Explain.