1. A Realtor considers the relationship between home size and Market Price.
Home Size (1000's), Market Price (1,000s)
a. Determine the correlation coefficient.
b. Is there a strong relationship? If so determine the line of best fit.
c. Estimate what the market price should be for a home with 2250 square feet
The solution provides step by step method for the calculation of regression model. Formula for the calculation and Interpretations of the results are also included.