Question: The regression equation HomePrice 51 3 2 61 Income was

The regression equation HomePrice = 51.3 + 2.61 Income was estimated from a sample of 34 cities in the eastern United States. Both variables are in thousands of dollars. HomePrice is the median selling price of homes in the city, and Income is median family income for the city.
(a) Interpret the slope.
(b) Is the intercept meaningful? Explain.
(c) Make a prediction of HomePrice when Income 5 50 and also when Income 5 100.

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  • CreatedAugust 19, 2015
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