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Regression for Equestrian Estate

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1. Regarding a scatter diagram
a. identify one of its uses.
b. what property should it have to obtain a regression line for the data?

2. Line A: y= 1.5 + 0.5x
Line B: y= 1.125 + 0.375x

x = 1, 1, 5,5
y= 1,3,2,4

3. Hanna Properties specializes in custom-home releases in the Equestrian Estates, an exclusive subdivision in Phoenix, Arizona. A random sample of nine custom homes currently listed for sale provided the following information on size and price. Here, x denotes size, in hundreds of square feet, rounded to the nearest hundred and y denotes price, in thousands of dollars, rounded to the nearest thousand.

x= 26,27,33,29,29,34,30,40,22
y= 290,305,325,327,356,411,488,554,246

a. Determine the regression equation for the data.
b. Graph the regression equation and the data points
c. Describe the apparent relationship between square footage and price for custom homes in the Equestrain Estates.
d. What does the slope of regression line represent in terms of size and price of custom homes in the Equestrain Estates?
e. Use the regression equation determined in part (a) to predict the price of a custom home in the Equestrain Estates that has 2600 sq ft.
f. Identify the predictor and response variables.
g. Identify outliers and potential influential observations.

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Solution Summary

Excel and Word files dealing with aspects of regression analyses from equations to slopes to outliers.

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4.44 Custom Homes. Hanna Properties specializes in custom-home resales in Equestrian Estates, an exclusive subdivision in Phoenix, Arizona. A random sample of nine custom homes currently listed for sale provided the attached information on size and price. Here, x denotes size, in hundreds of square feet, rounded to the nearest hundred, and y denotes price, in thousands of dollars, rounded to the nearest thousand {see attachment for table}
a) Determine the regression equation for the data.
b) Describe in your own words the regression equation and the data points.
c) Describe the apparent relationship between square footage and price for custom homes in the Equestrian Estates.
d) What does the slope of the regression line represent in terms of size and price of custom homes in the Equestrian Estates?
e) Use the regression equation determine in part (a) to predict the price of a custom home in the Equestrian Estates that has 2600 sq. ft.
f) Identify the predictor and response variables.
g) Identify outliers and potential influential observations.

4.82 The linear correlation coefficient of a set of data points is 0.846.
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