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7) Is square footage of a house a good predictor of its selling price? You have been asked by Zillow.com to conduct a simple regression analysis to answer this question. The data is housed in the Excel document titled Ã¢â‚¬Å“ZillowÃ¢â‚¬Â.

a. Define the two variables being sure to include the units of measure and which variable is the explanatory and which is the response.

b. Produce a scatterplot (in

Excel

).

c. Report the correlation coefficient (r) rounded to the hundredths place.

d. Regression equation (include snip from

JMP

).

e. Descriptive statistics for the explanatory variable (include snip from

JMP

).

f. Discuss the scatterplot and what it shows in terms of the relationship between the two variables.

House ID
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
Price (\$)
Bedrooms Square Footage (sq ft) Age
118000
3
2312
137600
4
2800
116000
3
2295
113900
3
2052
123000
4
1884
97000
3
1400
126000
3
2288
112000
4
2200
118000
4
1623
128000
4
2716
118900
3
1650
118000
3
1600
131130
3
2398
141000
4
2300
127500
3
1900
121900
3
2113
146000
4
2466
154000
4
2071
98000
3
1724
176000
3
2620
98000
2
1000
85500
3
1200
90000
4
1671
93900
3
1700
91500
3
1212
102000
3
1952
115000
3
1500
106000
2
1120
94700
3
1820
109000
3
2404
69000
2
1020
83500
3
1128
82450
3
1268
179900
4
3150
104000
3
1300
101900
4
1997
Source: Zillow.com
Location
31
12
31
11
30
25
15
15
30
21
6
30
20
17
24
16
6
6
26
18
5
27
37
18
16
15
21
7
40
21
14
9
35
17
6
22
Style
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
3
1
2
4
2
1
2
2
3
4
1
3
4
1
1
3
4
2
4
2
2
1
2
1
3
1
4
4
2
3
2
1
1
4
2
Include all output that is used to produce your solution. Include all units where
appropriate. Excel and JMP output is required whenever you use Excel or JMP to answer a
question.
Question 7:
7) Is square footage of a house a good predictor of its selling price? You have been
asked by Zillow.com to conduct a simple regression analysis to answer this question.
The data is housed in the Excel document titled Ã¢â‚¬Å“ZillowÃ¢â‚¬Â.
a. Define the two variables being sure to include the units of measure and which
variable is the explanatory and which is the response.
b. Produce a scatterplot (in Excel).
c. Report the correlation coefficient (r) rounded to the hundredths place.
d. Regression equation (include snip from JMP).
e. Descriptive statistics for the explanatory variable (include snip from JMP).
f. Discuss the scatterplot and what it shows in terms of the relationship between the
two variables.
g. Interpret the correlation coefficient.
h. Report the equation of the model rounding the slope and y-intercept to the
nearest hundredth.
i. Interpret the slope.
j. Interpret the y-intercept.
k. Report the expected price for a 2200 square foot house. Round your price to the
nearest cent.
l. Can you conclude there is a causational relationship? Why or why not?