Question: The data in Table P-14 were collected as part of a study of real estate property evaluation. The numbers are observations on X = assessed

The data in Table P-14 were collected as part of a study of real estate property evaluation. The numbers are observations on X = assessed value (in thousands of dollars) on the city assessor's books and Y = market value (selling price in thousands of dollars) for n = 30 parcels of land that sold in a particular calendar year in a certain geographical area.

a. Plot the market value against the assessed value as a scatter diagram.

b. Assuming a simple linear regression model, determine the least squares line relating market value to assessed value.

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