- Regression Equation: Provide the regression equation for the line of best fit using the scatterplot from the Module Two assignment.
- Determine r: Determine r and what it means. (What is the relationship between the variables?)
- Determine the strength of the correlation (weak, moderate, or strong).
- Discuss how you determine the direction of the association between the two variables.
- Is there a positive or negative association?
- What do you see as the direction of the correlation?
- Examine the Slope and Intercepts: Examine the slope<span class="MathJax" id="MathJax-Element-1-Frame" tabindex="0" data-mathml="b1 {"version":"1.1","math":"<math xmlns="http://www.w3.org/1998/Math/MathML"><msub><mi>b</mi><mn>1</mn></msub></math>"}” role=”presentation” style=”display: inline; line-height: normal; word-spacing: normal; overflow-wrap: normal; white-space: nowrap; float: none; direction: ltr; max-width: none; max-height: none; min-width: 0px; min-height: 0px; border: 0px; padding: 0px; margin: 0px; position: relative;”>b1 and intercept <span class="MathJax" id="MathJax-Element-2-Frame" tabindex="0" data-mathml="b0 {"version":"1.1","math":"<math xmlns="http://www.w3.org/1998/Math/MathML"><msub><mi>b</mi><mn>0</mn></msub></math>"}” role=”presentation” style=”display: inline; line-height: normal; word-spacing: normal; overflow-wrap: normal; white-space: nowrap; float: none; direction: ltr; max-width: none; max-height: none; min-width: 0px; min-height: 0px; border: 0px; padding: 0px; margin: 0px; position: relative;”>b0.
- Draw conclusions from the slope and intercept in the context of this problem.
- Does the intercept make sense based on your observation of the line of best fit?
- Determine the value of the land only.
Note: You can assume, when the square footage of the house is zero, that the price is the value of just the land. This happens when x=0, which is the y-intercept. Does this value make sense in context?
- Draw conclusions from the slope and intercept in the context of this problem.
- Determine the R-squared Coefficient: Determine the R-squared value.
- Discuss what R-squared means in the context of this analysis.
- Conclusions: Reflect on the Relationship: Reflect on the relationship between square feet and sales price by answering the following questions:
- Is the square footage for homes in your selected region different than for homes overall in the United States?
- For every 100 square feet, how much does the price go up (i.e., can you use slope to help identify price changes)?
- What square footage range would the graph be best used for?
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