HELP WITH DATA ANALYSIS QUESTIONS

ANSWER THE FOLLOWING QUESTIONS FOR THE DATA SET 1) Are the variables cross section or time series data? 2) How do you imagine that the data were collected? 3) Is the sample size sufficient to yield a good estimate? How do you know? 4) State you hypothesis about the sign of the slope. 5) Make a scatter plot of Y against X. Discuss what this tells you. 6) Add a Trendline to your scatter plot. Is a linear model credible? 7) Interpret the slope coefficient. Does the intercept have meaning given the range of the data? 8) Use Megastat to fit the regression model, including residuals and standardized residuals 9) Interpret the P-value for the slope coefficient 10) Interpret the R^2 value 11) Study the table of residuals. Identify outliers, and unusual observations (standardized obs. that exceed 3, and 2 std. deviations respectively). 12) Output a normal probability plot. Do you see evidence that your regression violates the assumption of normality? 13) Inspect the residual plot to check for heteroscedasticity. Report your conclusions. 14) Identify any observations with high leverage. Median Income and Median Home Price in Selected Eastern Cities (n = 34)
	City	Income	Home
	Alexandria, VA	59.976	290.000		Note: All values are in thousands of dollars.
	Bernards Twp., NJ	112.435	279.900
	Brentwood, TN	107.866	338.250		Key:	Income = median family income (thousands)
	Bridgewater, NJ	93.484	316.000			Home = median home price (thousands)
	Cary, NC	77.091	207.000
	Centerville, VA	77.243	250.000
	Chantilly, VA	94.864	320.000
	Chesapeake, VA	53.758	150.000
	Collierville, TN	85.716	230.000
	Columbia, MD	77.033	199.000
	Coral Springs, FL	62.632	218.500
	Dranesville, VA	109.502	290.000
	Dunwoody, GA	86.971	315.000
	Ellicott City, MD	83.583	248.000
	Franconia, VA	84.537	290.000
	Gaithersburg, MD	64.944	220.000
	Hoover, AL	64.431	170.450
	Hunter Mill, VA	93.987	290.000
	Lower Makefield Twp., PA	102.997	205.000
	Manalapan Twp., NJ	91.245	410.000
	Marlboro Twp., NJ	108.759	379.975
	Matoaca, VA	65.149	135.000
	Newtown, CT	97.723	358.500
	North Andover, MA	79.169	342.500
	Oakton, VA	90.824	341.000
	Olney, MD	100.716	287.450
	Peachtree City, GA	79.805	214.500
	Ramapo, NY	64.954	330.875
	Randolph Twp., NJ	104.121	444.500
	Reston, VA	85.264	240.000
	Roswell, GA	76.530	226.450
	Sugarland Run, VA	103.350	278.250
	Sully, VA	92.942	290.000
	Wellington, FL	76.076	230.000