Correlation and regression analysis for cost of construction
Costs for recently constructed buildings in your city are as follows:
building sq ft cost of Building ($k)
12000 510
14000 565
15000 610
16000 650
18000 770
23000 890
25000 940
Will the coefficient of correlation be positive or negative?? Why??
Calculate the coefficient of correlation. What do you get??
The regression equation is y' = bx + a
What values do you get for b and a??
What is the regression equation??
Can we use the regression equation from above to estimate the cost of a building that is 5000 sq ft in size?? Why or why not??
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Costs for recently constructed buildings in your city are as follows:
building sq ft cost of Building ($k)
12000 510
14000 565
15000 610
16000 650
18000 770
23000 890
25000 940
Will the coefficient of correlation be positive or negative?? Why??
Calculate the coefficient of correlation. What do you get??
The regression equation is y' = bx + a
What values do you get for b and a??
What is the regression equation??
Can we use the ...
Solution Summary
Step by step method for correlation and regression analysis for cost of construction.