Explore BrainMass

Explore BrainMass

    Scatterplot and Trendline

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    13. The following data are prices for custom homes comparing square feet (given in hundreds) and price (in thousands).

    Square Feet Price
    26 259
    27 274
    32 315
    29 296
    29 325
    34 380
    32 359
    40 523
    22 215

    a. Construct a scatterplot for this data set in the region to the right.

    b. Based on the scatterplot, does it look like a linear regression model is appropriate for this data? Why or why not?

    c. Add the line-of-best fit (trend line/linear regression line) to your scatterplot. Give the equation of the trend line below.

    d. Use your trend line to predict the cost of a home with 4500 (45) square feet.

    e. Determine the value of the correlation coefficient. Explain what the value tells you about the data pairs?

    f. Does the value of the correlation coefficient tell you there is or is not statistically significant evidence that correlation exists between square feet and price of custom homes? Explain your position. (HINT: application of table A-6 is needed!)

    g. What percent of the variation in cost can be explained by the regression line in regard to knowing the square footage? (HINT: review coefficient of determination)

    © BrainMass Inc. brainmass.com June 3, 2020, 9:21 pm ad1c9bdddf
    https://brainmass.com/statistics/regression-analysis/scatterplot-and-trendline-178712

    Attachments

    Solution Summary

    The solution answers the question below.

    $2.19

    ADVERTISEMENT