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A store manager wants to determine the effect of house sizes on sales prices. He has randomly selected 10 houses for the study. The sizes of houses (square feet) and sales prices ($'000) were recorded as below. No. House Size (square feet) Sales Price ($'000) 1002 772 1252 526 3 1270 398 1200 330 5 1591 797 1971 794 1182 720 8 1010 585 1659 781 10 1618 635 Scatterplot of Sales Price vs House Size 900 800 700 600 500 400 300 200 100 500 1000 1500 2000 2500 House Size Sales Price

A store manager wants to determine the effect of house sizes on sales prices. He has randomly selected 10 houses for the study. The sizes of houses (square feet) and sales prices ($'000) were recorded as below. No. House Size (square feet) Sales Price ($'000) 1002 772 1252 526 3 1270 398 1200 330 5 1591 797 1971 794 1182 720 8 1010 585 1659 781 10 1618 635 Scatterplot of Sales Price vs House Size 900 800 700 600 500 400 300 200 100 500 1000 1500 2000 2500 House Size Sales Price

A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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Do question v and vi only. 

v. Estimate the sales price of a house with size of 1200 square feet. Comment on the reliability of the estimation. vi. At 1% level of significance, is there a positive linear relationship between the size of the house and its sales price?
Transcribed Image Text:v. Estimate the sales price of a house with size of 1200 square feet. Comment on the reliability of the estimation. vi. At 1% level of significance, is there a positive linear relationship between the size of the house and its sales price?
Question 4 A store manager wants to determine the effect of house sizes on sales prices. He has randomly selected 10 houses for the study. The sizes of houses (square feet) and sales prices ($'000) were recorded as below. No. House Size (square feet) Sales Price ($'000) 1 1002 772 2 1252 526 3 1270 398 1200 330 1591 797 1971 794 1182 720 1010 585 9. 1659 781 10 1618 635 Scatterplot of Sales Price vs House Size 900 800 700 600 500 400 300 200 100 500 1000 1500 2000 2500 House Size Sales Price
Transcribed Image Text:Question 4 A store manager wants to determine the effect of house sizes on sales prices. He has randomly selected 10 houses for the study. The sizes of houses (square feet) and sales prices ($'000) were recorded as below. No. House Size (square feet) Sales Price ($'000) 1 1002 772 2 1252 526 3 1270 398 1200 330 1591 797 1971 794 1182 720 1010 585 9. 1659 781 10 1618 635 Scatterplot of Sales Price vs House Size 900 800 700 600 500 400 300 200 100 500 1000 1500 2000 2500 House Size Sales Price
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