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MAT 240 Southern New Hampshire MOD2 Median Housing Price Prediction Model Paper

MAT 240 Southern New Hampshire MOD2 Median Housing Price Prediction Model Paper

Question Description

I’m working on a statistics writing question and need an explanation to help me study.

Overview

Recall that samples are used to generate a statistic, whichbusinesses use to estimate the population parameter. You have learnedhow to take samples from populations and use them to produce statistics.For two quantitative variables, businesses can use scatterplots and thecorrelation coefficient to explore a potential linear relationship.Furthermore, they can quantify the relationship in a regressionequation.

Prompt

This assignment picks up where the Module Two assignment left off and will use components of that assignment as a foundation.

You have submitted your initial analysis to the sales team at D.M.Pan Real Estate Company. You will continue your analysis of the providedReal Estate County Dataspreadsheet using your selected region to complete your analysis. Youmay refer back to the initial report you developed in the Module TwoAssignment Template to continue the work. This document and the National Statistics and Graphs spreadsheet will support your work on the assignment.

Note: In the report you prepare for the sales team,the dependent, or response, variable (y) should be the median listingprice and the independent, or predictor, variable (x) should be themedian square feet.

Using the Module Three Assignment Template, specifically address the following:

  • Regression Equation: Provide the regression equation for the line of best fit using the scatterplot from the Module Two assignment.
  • Determine r: Determine r and what it means. (What is the relationship between the variables?)
    • Determine the strength of the correlation (weak, moderate, or strong).
    • Discuss how you determine the direction of the association between the two variables.
      • Is there a positive or negative association?
      • What do you see as the direction of the correlation?
  • Examine the Slope and Intercepts: Examine the slopeb1

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  • .
    • Draw conclusions from the slope and intercept in the context of this problem.
      • Does the intercept make sense based on your observation of the line of best fit?
    • Determine the value of the land only.
      Note: You can assume, when the square footage of the house is zero, that the price is the value of just the land. This happens when x=0, which is the y-intercept.
  • Determine the R-squared Coefficient: Determine the R-squared value.
    • Discuss what R-squared means in the context of this analysis.
  • Conclusions: Reflect on the Relationship: Reflecton the relationship between square feet and sales price by answering thefollowing questions:
    • Is the square footage for homes in your selected region different than for homes overall in the United States?
    • For every 100 square feet, how much does the price go up (i.e., can you use slope to help identify price changes)?
    • Use the regression equation to estimate how much you would list your house for if it was 1,200 square feet.
    • What square footage range would the graph be best used for?

Guidelines for Submission

Submit your completed Module Three Assignment Template as a Worddocument that includes your response and supporting charts/graphs. Thefollowing resources support your work on this assignment:

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