A company specializes in custom home resales in an exclusive subdivision. A random sample of nine custom homes currently listed for sale provided the following information on size and price. Here, x denotes size, in hundreds of square feet, rounded to the nearest hundred, and y denotes price, in thousands of dollars, rounded to the nearest thousand. Use the information to complete parts (a) through (g). x 26 27 33 29 29 34 30 40 22y 540 555 575 577 606 661 738 804 496a. Find the regression equation for the data points.b. Graph the regression equation and the data points.c. Describe the apparent relationship between the two variables under consideration.d. Interpret the slope of the regression line.e. Identify the predictor and response variables.f. Identify outliners and potential influential observations.g. Predict the values of the response variable for the specified values of the predictor variable, and interpret your results.
Accepted Solution
A:
Answer:Step-by-step explanation:Given data of x and y are tabulated and slope and intercept found outX Y
26 540
27 555
33 575
29 577
29 606
34 661
30 738
40 804
22 496
SLOPE 15.89351852
Intercept 140.0833333
a) Regression equation isy =15.89x+140.08b) Enclosedc) POsitive linear relationd) When x increses by 1 unit y increases by 15.89 unitse) predictor is x and response is yf) No outliers.Potential are 26 540
27 555
33 575
29 577
g) whenever we have x value we substitute in regression equation and find yg)