Question: In an attempt to determine whether or not a linear relationship exists between the price of a home (in $1,000s) and the number of days

In an attempt to determine whether or not a linear relationship exists between the price of a home (in $1,000s) and the number of days it takes to sell the home, a real estate agent collected data from recent sales in his city and estimated the following model: Price = Î²0 + Î²1Days + . A portion of the results is shown in the accompanying table.

a. What is the sample regression equation?
b. Predict the price of a home that has been on the market for 100 days.
c. Specify the competing hypotheses to determine whether Days is significant in explaining a houseâ€™s price.
d. At the 5% significance level, what is the conclusion to the test?Explain.

Intercept491.27 156.94 Days Coefficients Standard Error tStat p-value -3.13 0.0203 5.19 0.0020 6.17 1.19

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