Data from a town, on 20 randomly selected houses that have been sold, include da
ID: 3231101 • Letter: D
Question
Data from a town, on 20 randomly selected houses that have been sold, include data on price ($1000s) and size (1000 ft^2). These data produce the graphs and computer output shown to the right and the plots below. Complete parts a and b. a) Check the assumptions and conditions for inference. Select all that apply. A. The scatterplot looks straight enough. B. The residuals look random. C. The residual plot and the scatterplot show consistent variability. D. The residuals are nearly normal. E. None of the assumptions and conditions for inference are satisfied. b) Find a 95% confidence interval for the slope and interpret it. I'm 95% confident that the price of a house decreases at a rate of between and thousand dollars per thousand square feet. (Round to two decimal places as needed use ascending order.)Explanation / Answer
I hope you are looking for answer to question number b (i.e. confidence interval)
In this case, the confidence interval would be calculated as follows:-
We would need to calculate the critical t-value which would be 2.1 based on the table. Then as per the formula for confidence interval:-
101.27+-2.10(3.02)
LCL=101.27-6.342=94.928
UCL=101.27+6.342=107.612
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