## Related questions with answers

A realtor wants to sell some riverfront lots. To set a fair price for them, he studies several similar riverfront lots nearby that were sold recently. The table shows the area of the lots (in hundreds of square feet) and their selling prices (in thousands of dollars).

$\begin{matrix} \text{Square Footage} & \text{Price}\\ \text{189} & \text{240}\\ \text{232} & \text{260}\\ \text{172} & \text{230}\\ \text{195} & \text{230}\\ \text{240} & \text{280}\\ \text{210} & \text{260}\\ \text{200} & \text{240}\\ \text{230} & \text{250}\\ \text{191} & \text{241}\\ \text{198} & \text{255}\\ \end{matrix}$

a. Create a scatter plot for the data. Does it appear to have a linear trend? b. The coefficient of determination for the data is found to be equal to $r^2 = 0.673.$ Explain what that means in terms of association of the price of the lot and its area. c. Calculate a regression line for the data.

Solution

VerifiedLet us create a scatter plot for the given data$:$

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