The data relating the square feet of living space and the selling price of 12 residential properties given in Example 3.5 are reproduced here. First, find the best-fitting line that describes these data, and then plot the line and the data points on the same graph. Comment on the goodness of the fitted line in describing the selling price of a residential property as a linear function of the square feet of living area.

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Residence sq. ft) y (in thousands) $278.5 375.7 339.5 329.8 295.6 310.3 460.5 305.2 288.6 365.7 425.3 268.8 1360 1940 1750 1550 1790 1750 1600 1450 1870 2210 1480 10 12