You have the following information about the selling price of a home and its square footage. You use JMP to create a scatter plot of the data and to calculate an estimate of the least sguares regression line. m- m .0..- .0... 290000 1948 * 385000 2254 Selling Price= 52350. 907 + 138. 75032 Square Footage 505000 2600 425000 2800 415000 3000 400000 - Selling Price LU U. E I 1. Which is the dependent variable? Explain your choice. 2. Which is the independent variable? Explain your choice. 3. Which value estimates BU? Use the appropriate symbol for the estimate and include units. Is this the y- intercept or the slope? 4. Which value estimates 31? Use the appropriate symbol for the estimate and include units. Is this the y- intercept or the slope?| 5. Using this model, what is the predicted average home price for a 2800 square foot house? 6. The actual price of the 2800 square foot house was $425,000. Calculate the residual. Did the least squares regression model over or under estimate the home selling price