Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following table provides information on the living area (sq ft) and price (in thousands of dollars) of 10 randomly selected houses listed for sale.
The following table provides information on the living area (sq ft) and price (in thousands of dollars) of 10 randomly selected houses listed for sale. Use an excel spreadsheet to perform analysis and answer questions #1-9.
living Area - 3008 (sq ft) 2032 2272 1840 2579 2583 1650 3932 2978 2176
Price - $275 220 255 189 260 284 172 370 295 260
- Enter x, y data provided into excel sheet.
- Show a scatter diagram to include labels.
- Run the data analysis tool with 93% confidence interval.
- Label SST, SSR and SSE. Explain SST as it relates to the problem.
- Label a (y-intercept) and b (slope). Describe each as they relate to the problem.
- Use the values from #5 to to show a regression line.
- Label the standard error.
- Label the r and r2 values. Explain if this is a good model or not. (please use correct values for r and r2)
- Explain the residuals in the last section of the data analysis output.
- Be sure that your Excel sheet has original input values from #1, #2, and the regression sheet. Answers that don't need typed into excel may be typed into a separate word doc or directly into excel sheet.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started