4 The data show the list and selling prices for several expe

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The data show the list and selling prices for several expensive homes. Find the regression equation, letting the the list price be the independent (x) variable. Find the best predicted selling price of a home having a list price of $4 million. Is the result close to the actual selling price of $3.7 million? Use a significance level of 0.05.

List_price_(millions_of_$) Selling_price_(millions_of_$)
3.1 3.2
1.8 1.6
2.9 3.1
3.1 2.8
4.3 3.8
2.6 3.1

What is the regression equation?

y=_____+____x (Round to four decimal places as needed.)

What is the best predicted selling price of a home having a list price of $4 million?

y=$_____million?(Round to two decimal place as needed.)

Is the result close to the actual selling price of $3.7 million?

A. The result is close to the actual selling price of $3.7 million.

B. The result is exactly the same as the actual selling price of $3.7 million.

C. The result is not close to the actual selling price of $3.7 million.

Solution

What is the regression equation?

y=__0.5546___+__0.8018__x (Round to four decimal places as needed.)

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What is the best predicted selling price of a home having a list price of $4 million?

y=$__3.76___million?(Round to two decimal place as needed.)

0.5546+0.8018*4 = 3.76

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Is the result close to the actual selling price of $3.7 million?

A. The result is close to the actual selling price of $3.7 million. (Answer)

B. The result is exactly the same as the actual selling price of $3.7 million.

C. The result is not close to the actual selling price of $3.7