The sales manager at Sun City Real Estate Company in Tempe, Arizona, is interested in describing the
Question:
Weeks on the Market Selling Price
23……………………………………..$76,500
48……………………………………$102,000
9……………………………………..$53,0002
6……………………………………….$84,200
20………………………………………$73,000
40……………………………………$125,000
51……………………………………$109,000
18……………………………………$60,000
25……………………………………$87,000
62……………………………………$94,000
33……………………………………$76,000
11……………………………………$90,000
15……………………………………$61,000
26……………………………………$86,000
27……………………………………$70,000
56…………………………………..$133,000
12………………………………………$93,00
a. Develop a simple linear regression model to explain the variation in selling price based on the number of weeks the condo is on the market.
b. Test to determine whether the regression slope coefficient is significantly different from 0 using a significance level equal to 0.05.
c. Construct and interpret a 95% confidence interval estimate for the regression slope coefficient.
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Related Book For
Business Statistics A Decision Making Approach
ISBN: 9780133021844
9th Edition
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry
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