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House prices

How does the price of a house depend on its size? Data from Saratoga, New York, on 1064 randomly selected houses that had been sold include data on price ($1000 s) and size (1000 s ft²), producing the following graphs and computer output:

891_Graph 3.jpg

a) Explain in words and numbers what the regression says.

b) The intercept is negative. Discuss its value, taking note of its P-value.

c) The output reports s = 53.79. Explain what that means in this context.

d) What's the value of the standard error of the slope of the regression line?

e) Explain what that means in this context.

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