Regression and Correlation
Regression and Correlation
An agent would like to predict the monthly rental cost for apartments, based on the size of the apartment, as defined by square footage. The agent selects a sample of 25 apartments in a particular residential neighborhood and gathers the data shown in the table.
Size (Square feet) Rent (Dollars)
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850 950
1450 1600
1085 1200
1232 1500
718 950
1485 1700
1136 1650
726 935
700 875
956 1150
1100 1400
1285 1650
1985 2300
1369 1800
1175 1400
1225 1450
1245 1100
1259 1700
1150 1200
896 1150
1361 1600
1040 1650
755 1200
1000 800
1200 1750
a) Find the correlation coefficient. Is it strong or weak? Positive or negative?
Run the Regression function from the Data Analysis tools and use the results to answer the following questions:
b) Find the equation of the regression line.
c) Find the slope, and interpret its meaning.
d) Compute the coefficient of determination, R Square, and interpret its meaning.
e) Compute the standard error of estimate, and interpret its meaning.
