Real-estate agents are often interested in the factors that predict the selling prices of houses. To study the relationship between the size of a house and the selling price, an agent collected data on 42 houses and obtained the following variables:

Y=Selling price of the house (in hundreds of thousands)

X=The size of the house (in square meters).

A simple regression model of the form:

Price=b₀ + b₁Size + e

was estimated and an excerpt from the output is shown below.

\fRegression Statistics Multiple R 0.6942319 R Square 0.4819579 Adjusted R Square 0.4690069 Standard Error 58.263857 Observations 42 ANOVA SS MS F Regression 1 126328.8571 126328.9 37.21381 Residual 40 135787.0791 3394.677 Total 41 262115.9362 Standard Coefficients Error t Stat P-value Intercept 279.38 37.983 7.3553 0.0000 Size 0.7562 0.1240 6.1003 0.0000