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What is the regression equation?

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A sample of 12 homes sold last week in St Paul, Minnesota, is selected. The results are shown below

Home Size (1000 square feet) Home Price ($1000)
1.4 100
1.3 110
1.2 105
1.1 120
1.4 80
1 105
1.3 110
0.8 85
1.2 105
0.9 75
1.1 70
1.1 95

Create a scatterplot. Insert the trendline into the graph and show the regression equation.

-What is the regression equation? Identify the slope and y-intercept.
-What does the slope tell you?
-Determine and interpret the coefficient of determination.
-What would be the estimated selling price of a home that has one thousand square feet?

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Solution Summary

This solution provides a detailed, step-by-step explanation of the given regression analysis problem.

Solution Preview

The equation is y = 25.641x + 67.179. The slope = 25.641 and intercept = 67.179
The slope is positive, so the home prices should increase with home size ...

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