How does the price of a house depend on its size? Data from Saratoga, New York, on 1064 randomly selected houses that had been sold include data on price ($ 1000s) and size ($ 1000s ft2), producing the following graphs and computer output:

Dependent variable is Price
R-squared = 59.5%
s = 53.79 with 1064 - 2 = = 1062 degrees of freedom
Variable Coefficient SE (Coeef) t-Ratio P-Value
Intercept -3.11686 4.688 -0.655 0.5063
Size 94.4539 2.393 39.5 ≤0.0001

a) Explain in context what the regression says.
b) The intercept is negative. Discuss its value, taking note of its P-value.
c) The output reports s = 53.79. Explain what that means in this context.
d) What's the value of the standard error of the slope of the regression line?
e) Explain what that means in this context.