propose a straight-line model to relate the appraised property value x to the sale price y for residential properties in this neighborhood.b. a minitab scatterplot of the data is shown above.
(note: both sale price and total appraised value are shown in thousands of dollars) Does it appear that a straight-line model will be an appropriate fit to the data?c. a minitab simple linear regression printout is also show above. Find the equation of the best fitting line through the data on the printout.
d. interpret the y-intercept of the least squares line. Does it have a practical meaning for this application? Explain.
e. interpret the slope of the least squares line. Over what range of x is the interpretation meaningful?
f. use the least squares model to estimate the mean sale price of a property appraised at $300,000.
The regression equation is
SALEPRIC= 20.9 + 1.07 TotalVAl
Predictor Coef SE Coef T P
Constant 20.942 6.446 3.25 0.002
TotalVAl 1.06873 0.02709 39.45 0.000
S = 32.7865 R-Sq = 94.5% R-Sq(adj) = 94.5%
Analysis of Variance
Source DF SS MS F P
Regression 1 1673142 1373142 1556.48 0.0