Answer :
Final answer:
To answer this question, you need to create a table, draw a scatterplot, find a linear regression equation, and analyze how well it models the data. The regression equation can be used in the real world to estimate the price of a house based on its square footage. Using the equation, you can also find the price of a house with a given square footage or the estimated square footage for a house of a given price.
Explanation:
To create the table, you'll need information on the number of square feet and the total cost of the house. You can gather this data from real estate listings or other sources. Once you have the data, create a two-column table with 'Number of Square Feet' and 'Total Cost' as the headers. Fill in the table with the corresponding values.
To draw a scatterplot, plot each data point with the number of square feet on the x-axis and the total cost of the house on the y-axis. Use a scale that allows you to clearly see the data points.
To find a linear regression equation, you can use a mathematical tool like a graphing calculator or spreadsheet software. Calculate the equation that best fits the data points, rounding to the hundredths.
Once you have the regression equation, you can draw the trend line on the scatterplot. Plot the line that represents the equation and ensure it fits the general pattern of the data points.
The trend line's fit to the data can be assessed by examining how closely it aligns with the majority of the data points. If the points tend to lie close to the trend line, it indicates a good fit. If there is a notable deviation between the line and the points, it suggests a poorer fit.
In the real world, a regression equation can be used to estimate the price of a house based on its square footage. Real estate agents, appraisers, and homeowners looking to sell can use the equation to get an idea of the potential value of a property.
To find the price of a house with 2400 square feet using the regression equation, substitute 2400 into the equation and solve for the price. This will give you an estimated price. The fit with the actual data can be assessed by comparing the estimated price to the actual prices of houses with similar square footage.
To find the estimated number of square feet for a house priced at $650,000, substitute 650,000 into the equation and solve for the square footage. This will give you an estimated square footage. The fit with the actual data can be assessed by comparing the estimated square footage to the square footage of houses with similar prices.
Learn more about Creating a table, drawing a scatterplot, finding a linear regression equation, analyzing the trend line fit, and real-world application of regression equations here:
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