A researcher wants to know if there is a relationshipe between the list price of
ID: 3318435 • Letter: A
Question
A researcher wants to know if there is a relationshipe between the list price of a house and its selling price. Consult the Minitab printout below to determine
if a significant correlation exists between the two variables? Use a significance level of 5%. Conduct a six step hypothesis test.
Regression Analysis:Selling versus List
The regression equation is
Selling = 12834 + 0.943 List
Predictor Coef SE Coef T P
Constant 12834 11683 1.10 0.304
List 0.94348 0.03068 30.75 0.000
Explain the meaning of the slope and y-intercept.
Explanation / Answer
Meaning of slope: The slope between list price and selling price is 0.94348 which means that for every $1 increase in the list price of the house, the selling price of house increases by $ 0.94.
Meaning of intercept: In this case, intercept will not be meaningful because the list price of house can't be 0.
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