JMP output appears below for simple linear regression with data from the price, y (in $1000), of n = 28 Seattle home prices. The explanatory variable is the total number of square feet in the home. - Response Price ($000) Regression Plot 600 500 400 300 200 - Distributions 1000 1500 2000 2500 3000 3500 Square Feet Square Feet Summary of Fit RSquare RSquare Adi Root Mean Square Error Mean of Response Observations (or Sum Wgts) 0.560503 0.543599 356.8214 28 Analysis of Variance Sum of 1000 1500 2000 2500 3000 3500 Source DF F Ratio Squares Mean Square 1 249200.64 Model 249201 33.1585 - Summary Statistics Error 26 Prob > F C. Total 27 <.0001 Mean 1923.1071 Std Dev 653.11574 v Parameter Estimates Std Er Mean 123.42727 Term Estimate Std Error t Ratio Prob>lt Upper 95% Mean 2176.359 Lower 95% Mean 1669.8553 Intercept Square Feet 0.1470966 0.025545 73.938964 51.78554 1.43 0.1653 5.76 <.0001 28 (ooos) eoad

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...