A real estate broker hoped to develop an equation that, Ask an Expert

Statistics

A real estate broker hoped to develop an equation that could be used to predict the sales price of homes in a certain suburb. It seemed to him that the most important variables, since all the homes were in pretty much the same locale, were age of house, square feet, and number of bedrooms.

_ _
X=7.1 Y=90.7 x=0.4 y=-0.2 Sigma x^2=87.76
Sigma y^2=2481.44 Sigma xy=408.62

Determine the relationship between sales price and age of house and determine the correlation coefficient.

Is the age of the house significant factor at alpha=0.05 in determining sales price? Explain

What does the fact that the correlation is less than 100% suggest?

View complete question

Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M9365840

Have any Question?Write your Review or question?

Related Questions in Statistics and Probability

Introduction to epidemiology assignment -assignment should

Introduction to Epidemiology Assignment - Assignment should be typed, with adequate space left between questions. Read the following paper, and answer the questions below: Sundquist K., Qvist J. Johansson SE., Sundquist ...

Question 1 many high school students take the ap tests in

Question 1. Many high school students take the AP tests in different subject areas. In 2007, of the 144,796 students who took the biology exam 84,199 of them were female. In that same year,of the 211,693 students who too ...

Basic statisticsactivity 1define the following terms1

BASIC STATISTICS Activity 1 Define the following terms: 1. Statistics 2. Descriptive Statistics 3. Inferential Statistics 4. Population 5. Sample 6. Quantitative Data 7. Discrete Variable 8. Continuous Variable 9. Qualit ...

Question 1below you are given the examination scores of 20

Question 1 Below you are given the examination scores of 20 students (data set also provided in accompanying MS Excel file). 52 99 92 86 84 63 72 76 95 88 92 58 65 79 80 90 75 74 56 99 a. Construct a frequency distributi ...

Question 1 assume you have noted the following prices for

Question: 1. Assume you have noted the following prices for paperback books and the number of pages that each book contains. Develop a least-squares estimated regression line. i. Compute the coefficient of determination ...

Question 1 a sample of 81 account balances of a credit

Question 1: A sample of 81 account balances of a credit company showed an average balance of $1,200 with a standard deviation of $126. 1. Formulate the hypotheses that can be used to determine whether the mean of all acc ...

5 of females smoke cigarettes what is the probability that

5% of females smoke cigarettes. What is the probability that the proportion of smokers in a sample of 865 females would be greater than 3%

Armstrong faber produces a standard number-two pencil

Armstrong Faber produces a standard number-two pencil called Ultra-Lite. The demand for Ultra-Lite has been fairly stable over the past ten years. On average, Armstrong Faber has sold 457,000 pencils each year. Furthermo ...

Sppose a and b are collectively exhaustive in addition pa

Suppose A and B are collectively exhaustive. In addition, P(A) = 0.2 and P(B) = 0.8. Suppose C and D are both mutually exclusive and collectively exhaustive. Further, P(C|A) = 0.7 and P(D|B) = 0.5. What are P(C) and P(D) ...

The time to complete 1 construction project for company a

The time to complete 1 construction project for company A is exponentially distributed with a mean of 1 year. Therefore: (a) What is the probability that a project will be finished in one and half years? (b) What is the ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Statistics and Probability Expert