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    What would be your best guess of the asking price for a 6000-square-foot house

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    My brother would like to retire and move to a quieter place, probably away from me. I suggested area around Lake Louise.
    But he had a more remote location in mind......

    He did some housing market research in a secret destination, and would like to have me taking a look at his data.
    Square Footage Asking Price (Canadian Dollars)
    2100 464990
    8790 759990
    2980 529990
    850 125990
    2450 519990
    1650 369990
    1050 179990
    950 285990
    1250 349990
    900 99990
    1450 249990
    1560 339990
    1990 449990
    2250 599990
    1490 124990
    2580 579990
    3560 589990
    1650 369990
    3880 599990
    1870 399990
    4050 549990
    4200 619990
    4380 589990
    5100 639990
    7340 714990
    2750 499990
    9550 799990
    7990 729990
    8550 799990
    1390 619990
    9240 829990
    9550 839990
    1350 169990
    1560 139990
    970 59990
    790 234990
    5550 689990
    3150 219990
    6990 699990
    2150 495990
    My hunch was that he collected quite a few house sale ads and took down the asking price and the usable square footage of each house offered. He might have performed a linear regression on the data, but he did not quite believe the price for a 6000-square-foot house he obtained from his analysis. He asked me to take a look at his data.

    Take a hard look at the trend and behavior of his data. Perform whatever linear regression on the data you want. What can you say about the data set?
    What would be your best guess of the asking price for a 6000-square-foot house?
    By the way, since we are pursuing a rather concept understanding of the given data set, you should feel free to exploit available technology in the examination of the data. Maybe the linear regression applets given in the Additional Web Resources section can prove to be helpful. I guess my brother did not want me to free load on him, and that was why he did not tell me where his data came from.

    Well, his peace and quiet was broken upon my visit in my family sedan. Yes, he could run, but he could not hide. I took a bottle of reserved Bordeaux from his cellar and enjoyed the northern light that evening.

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    Solution Summary

    The solution provides market research for a 6000-square foot house in Lake Louise. From this, it is determined is the bother is able to retire.