23. Real Estate Prices The data showing the square feet of living space and the selling price of 12 residential properties from Example 3.5 are reproduced here.

a. Find the best-fitting line for these data, and then plot the line and the data points on the same graph.

b. How well does the fitted line describe the selling price as a linear function of the square feet of living area?

Transcribed Image Text:

Residence x (sq. ft.) y (in thousands) 1 1360 $278.5 234567 89012 2 1940 375.7 1750 339.5 1550 329.8 1790 295.6 1750 310.3 2230 460.5 1600 305.2 1450 288.6 1870 365.7 11 2210 425.3 1480 268.8