The North Valley Real Estate data 2015 reports information on
homes on the market.
- 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% confidence interval for all 2,200 square
foot homes and the 95% prediction interval for the selling price of
a home with 2,200 square feet.
- Let days-on-the-market be the dependent variable and price be
the independent variable. Determine the regression equation.
Estimate the days-on-the-market of a home that is priced at
$300,000. Determine the 95% confidence interval of
days-on-the-market for homes with a mean price of $300,000, and the
95% prediction interval of days-on-the-market for a home priced at
- Can you conclude that the independent variables “days on the
market” and “selling price” are positively correlated? Are the size
of the home and the selling price positively correlated? Use the
.05 significance level. Report the p-value of the test.
Summarize your results in a brief report.