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Regression and scatter plot analysis

(a) Make a scatter plot. (b) Let Excel estimate the regression line, with fitted equation and R2. (c) Describe the fit of the regression. (d) Write the fitted regression equation and interpret the slope e) Do you think that the estimated intercept is meaningful? Explain.

Data Set 1

Commercial Real Estate (X = assessed value, $000;Y = floor space, sq. ft.)

Assessed Size
1,796 4,790
1,544 4,720
2,094 5,940
1,968 5,720
1,567 3,660
1,878 5,000
949 2,990
910 2,610
1,774 5,650
1,187 3,570
1,113 2,930
671 1,280
1,678 4,880
710 1,620
678 1,820

Data Set 2

Sasnak Co. Salaries (X = employee age; Y = employee salary, $000) Salaries
Employee Age Salary
Mary 23 28.6
Frieda 31 53.3
Alicia 44 73.8
Tom 22 26
Gillian 25 34.3
Bob 54 63.5
Vivian 51 96.4
Cecil 60 122.9
Barry 40 63.8
Jaime 64 111.1
Wanda 34 82.5
Sam 63 80.4
Saundra 40 69.3
Pete 31 52.8
Steve 28 54
Juan 36 58.7
Dick 58 72.3
Lee 52 88.6
Judd 43 60.2
Sunil 28 61
Marcia 54 75.8
Ellen 44 79.8
Iggy 36 70.2

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Solution Summary

Uses Excel to make a scatter plot and fit a regression equation. Also interprets the slope and intercept values.

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