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Answer:
The best predicted selling price of a home having a list price of $22 million is $20.52 million.
Step-by-step explanation:
The missing data is:
List price (<em>x</em>) (millions of $)
(1) 1.6 (2) 4.2 (3) 2.1 (4) 1.6 (5) 2.3 (6) 4
Selling price (<em>y</em>) (millions of $)
(1) 2 (2) 4.6 (3) 1.8 (4) 1.9 (5) 2.4 (6) 3.6
Use Excel to perform the regression analysis.
The significance level is, <em>α</em> = 0.05.
The regression output is attached below.
The regression equation is:
The value of <em>t</em>-statistic is:
<em>t</em> = 0.676.
The <em>p</em>-value is:
<em>p</em>-value = 0.536
Compute the predicted selling price of a home having a list price of $22 million as follows:
Thus, the best predicted selling price of a home having a list price of $22 million is $20.52 million.
Graph y = x (black)
(0; 0); (2; 2)
Symmetry <span>about the x-<span>axis (green)
Translation down 1 unit (red)
</span></span>
(0; 0); (2; 2)
Symmetry <span>about the x-<span>axis (green)
Translation down 1 unit (red)
</span></span>