A Realtor Collected the Following Data for a Random Sample

question 3

Essay

A realtor collected the following data for a random sample of ten homes that recently sold
in her area. $$\begin{array} { | c | c | c | } \hline \text { House } & \text { Asking Price } & \text { Days on Market } \\\hline \mathrm { A } & \$ 114,500 & 29 \\\hline \mathrm { B } & \$ 149,900 & 16 \\\hline \mathrm { C } & \$ 154,700 & 59 \\\hline \mathrm { D } & \$ 159,900 & 42 \\\hline \mathrm { E } & \$ 160,000 & 72 \\\hline \mathrm { F } & \$ 165,900 & 45 \\\hline \mathrm { G } & \$ 169,700 & 12 \\\hline \mathrm { H } & \$ 171,900 & 39 \\\hline \mathrm { I } & \$ 175,000 & 81 \\\hline \mathrm { J } & \$ 289,900 & 121 \\\hline\end{array}$$ a. Construct a scattergram for the data.
b. Find the least squares line for the data and plot the line on your scattergram.
c. Test whether the number of days on the market, y, is positively linearly related to the $$\text { asking price, } x \text {. Use } \alpha = .05 \text {. }$$

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Definitions:

Call-in Poll

A survey method where participants provide their responses or opinions over telephone calls, typically used in public opinion polling.

USA Today

A national American daily newspaper known for its comprehensive news coverage and distinctive layout.

Statistic

A numerical measurement describing some aspect of a sample of data, often used in inferential statistics.

Sampling Variability

The variation that occurs by chance because a sample is not identical to the population from which it is drawn, affecting the sample estimate.