Statistics: Real estate, regression analysis
Not what you're looking for?
Refer to the Real Estate data, which reports information on homes sold in Denver, Colorado, last year.
a. Let selling price be the dependent variable and size of the home the independent variable. Determine the regression equation. Estimate the selling price for a home with an area of 2,200 square feet. Determine the 95 percent confidence interval and the 95 percent prediction interval for the selling price of a home with 2,200 square feet.
b. Let selling price be the dependent variable and distance from the center of the city the independent variable. Determine the regression equation. Estimate the selling price of a home 20 miles from the center of the city. Determine the 95 percent confidence interval and the 95 percent prediction interval for homes 20 miles from the center of the city.
c. Can you conclude that the independent variables "distance from the center of the city" and"selling price" are negatively correlated and that the area of the home and the sellng price are positively correlated? Use the .05 significance level. Report the p value of the test.
Purchase this Solution
Solution Summary
Excel file contains regression equations ,calculation of selling price and confidence intervals determined by using the data given in problem.
Purchase this Solution
Free BrainMass Quizzes
Terms and Definitions for Statistics
This quiz covers basic terms and definitions of statistics.
Measures of Central Tendency
This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.
Measures of Central Tendency
Tests knowledge of the three main measures of central tendency, including some simple calculation questions.
Know Your Statistical Concepts
Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.