Real Estate
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UPDATE - Part B is the most important - if you are only able to help with that part, please do so.
Refer to the Real Estate data, which reports information on homes sold in Denver, Colorado,last year.
a. Let selling price be the dependent variable and size of the home the independent variable.
Determine the regression equation. Estimate the selling price for a home with an
area of 2,200 square feet. Determine the 95 percent confidence interval and the 95 percent
prediction interval for the selling price of a home with 2,200 square feet.
b. Let selling price be the dependent variable and distance from the center of the city the
independent variable. Determine the regression equation. Estimate the selling price of a
home 20 miles from the center of the city. Determine the 95 percent confidence interval
and the 95 percent prediction interval for homes 20 miles from the center of the city.
c. Can you conclude that the independent variables "distance from the center of the city"
and "selling price" are negatively correlated and that the area of the home and the selling
price are positively correlated? Use the .05 significance level. Report the p-value of
the test.
Real Estate Data is Dataset J which is also attached.
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Solution Summary
This solution is comprised of a detailed explanation to determine the 95 percent confidence interval and the 95 percent prediction interval for homes 20 miles from the center of the city.
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