Interpret regression model and r square
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Do the sales prices of houses in a given community vary systematically with their sizes (as measured in square feet)? Attempt to answer this question by estimating a simple regression model where the sales price of the house is the dependent variable & the size of the house is the explanatory variable. Please see attached Excel spreadsheet for data. Interpret your estimated model and the associated coefficient of determination R2.
Assist with interpreting the data in the spreadsheet.
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Solution Summary
Regression done and important findings circled and interpreted for you. Response is in everyday language suitable for novices.
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Your regression shows an R square of 0.4821 which is a modest "goodness of fit" of the data around the regression line. Typically below 0.3 is poor and above .7 is strong. This R square gives you ...
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