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a Test-lorenzo tormes-Google Chrome ps://www.mathxl.com/Student/PlayerTest.aspx?testld 171845416&centerwin; yes STA 2023 Elementary Statistics Class Number: 06475 lorenzo torres 128/ 17 124 st: Final Exam Time Remaining: 01:5311 Submt is Question: 1 pt 18 of 18 (1 complete) This Test: 18 pts pos The dala show the list and seling prices for several expensive homes. Find the regression equation, leting hio the list price be the independent (x) variable. Find the best predicied selfing price of a home having a list price of $2 million Is the result close to the actual selling price of $1.7 million? Use a significance level of 0 0d 6 4134 43 24 34 Click the icon to view the utical values of the Pearson correlation coefficient r What is the regression equation? Round to four decimal places as needed) What is the best predicted selling price of a home having a Eist plice of $2 million? tnllion (Round to two decinal place as needed) ls the result close to the actual seling price of S1milion? A. The result is exactly the sarme as the actual seling price of St 7 m llion O B. The result is not close to the actual selling price of $1.7 miion O C. The result is close to the actual selling price of $1.7 million Clicx to select your answeris

Explanation / Answer

Solution:

Given ,

Response variable : Y = Selling price

Predictor : X = List price

We have to find regression equation from given data.

Using MINITAB,

First we have to input data in MINITAB sheet.

Then follow the following steps:

stat--------> Regression ---------> Regression ...

Response variable : Selling price

Predictors : List price

Ok

Output:

The regression equation is
Selling price = - 0.409 + 1.10 List price

Predictor Coef SE Coef T P
Constant -0.4085 0.8641 -0.47 0.661
List pri 1.0966 0.2513 4.36 0.012

S = 0.4304 R-Sq = 82.6% R-Sq(adj) = 78.3%

Analysis of Variance

Source DF SS MS F P
Regression 1 3.5274 3.5274 19.04 0.012
Residual Error 4 0.7410 0.1852
Total 5 4.2683

Hence regression equation is,

(a) Selling price = - 0.409 + 1.10 List price

(b) If List price = $2 then Y = .........?

y = 1.791

The result is close to actual selling price $1.7

Done

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