Statistics: Informed Decisions Using Data (4th Edition)

Published by Pearson
ISBN 10: 0321757270
ISBN 13: 978-0-32175-727-2

Chapter 14 - Section 14.1 - Assess Your Understanding - Applying the Concepts - Page 693: 25b

Answer

$ŷ =1.02284x-0.76$ P-value $\ltα$. Reject the null hypothesis. There is enough evidence to conclude that there is a linear relation between the Zestimate and sale price.

Work Step by Step

In MINITAB, enter the Zestimate values in C1 and in C2 enter the Sale Price values. Select Stats -> Regression -> Regression -> Fit Regression Model Enter C2 in "Responses" and C1 in "Continuous Predictors" The least-squares regression line ($ŷ =b_1x+b_0$) will be shown in "Regression Equation", where C2 is ŷ (Sale Price) and C1 is x (Zestimate) $ŷ =1.02284x-0.76$ $H_0: β_1=0$ versus $H_1: β\ne0$ See the results obtained in the MINITAB. P-value $\lt0.001\ltα$
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