Concept explainers
You want to develop a model to predict the taxes of houses, based on asking price. A sample of 61 single-family houses listed for sale in Silver Spring, Maryland, a suburb of Washington, DC, is selected. The taxes
a. Construct a
b. Interpret the meaning of the
c. Use the prediction line developed in (a) to predict the
d. Determine the coefficient of determination,
e. Perform a residual analysis on your results and evaluate the regression assumptions.
f. At the 0.05 of significance, is there evidence of a linear relationship between taxes and asking price?
g. What conclusions can you reach concerning the relationship between taxes and asking price?
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Basic Business Statistics, Student Value Edition
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