The housing market in the United States saw a major decrease in value between 2007 and 2008.
Question:
a. Determine the linear relationship that could be used to predict the average selling prices for November 2007 using the median selling prices for that period.
b. Conduct a hypothesis test to determine if the median selling prices for November 2007 could be used to determine the average selling prices in that period. Use a significance level of 0.05 and the p-value approach to conduct the test.
c. Provide an interval estimate of the average selling price of homes in November 2007 if the median selling price was $195,000. Use a 90% confidence interval.
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Step by Step Answer:
a Regression Analysis Nov07Average versus Nov07Median The regression equation is Nov07Average 3786 1...View the full answer
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Related Book For 
Business Statistics A Decision Making Approach
ISBN: 9780133021844
9th Edition
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry
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