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The Solution to a Regression Model

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Problem
Data for a sample of houses sold recently in the suburb of a large metropolis are given below. Assuming that selling price is dependent on area of the house complete the following questions.

Area of House (hundreds of square feet) Selling Price (thousands of dollars)
20 250
19 220
27 350
28 390
30 320
15 200
25 360
23 290
18 210
35 410

(a) Do a scatter diagram for the data, insert the trend line and add the equation and R2 value to the diagram.
(b) Find SSxx, SSyy and SSxy.
(c) Find the regression equation manually. Compare with the equation obtained when doing the scatter diagram.
(d) Now, produce the regression report. Compare the equation from the regression report with the equation obtained manually and while doing the scatter plot.

See the attached file.

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Solution Summary

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.

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