How does the price of a house depend on its size? Data from Saratoga, New York, on 1064 randomly selected houses that had been sold include data on price ($1000s) and size (1000 ft2), producing the following graphs and computer output:
a) Explain in words and numbers what the regression says.
b) The intercept is negative. Discuss its value, taking note of its P-value.
c) The output reports s = 53.79. Explain what that means in this context.
d) What’s the value of the standard error of the slope of the regression line?
e) Explain what that means in this context.