13. Housing Prices The data in the table give the square footages and sales prices of n512 houses randomly selected from those sold in a small city.

Use the partial MINITAB printout to answer the questions.

a. Can you see any pattern other than a linear relationship in the original plot?

b. The value of r2 for these data is .9574. What does this tell you about the fit of the regression line?

c. Look at the accompanying diagnostic plots for these data. Do you see any pattern in the residuals? Does this suggest that the relationship between price and square feet is something other than linear?

Transcribed Image Text:

Square Feet, x Price, y Square Feet, x Price, y 1460 $288,700 1977 $305,400 2108 309,300 1610 297,000 1743 301,400 1530 292,400