A realtor wanted to determine if there was a relationship between the size (in 100 square feet) of a new custom-built home and the price (in thousands of dollars) of the home.
a. Draw a scatter plot.
b. Determine the regression line equation and plot the regression line
on the scatter plot. 
Definitions:
Monopsony Firm
A market situation where there is only one buyer or a dominant buyer for a product or service, giving that buyer substantial control over market prices and terms.
Competitive Firm
A business that operates in a market with many buyers and sellers, where no single entity can significantly influence the market price of goods and services.
Marginal Product
The additional output that results from using one more unit of a particular input, holding all other inputs constant.
Quantity of Land
The total amount of land available for use or development, within a specific area, which can impact agricultural, industrial, and residential development.
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