Answer :
[tex]R^2[/tex] and visual inspection of the scatterplot to determine how well the fitted line describes the selling price as a linear function of the square feet of living area.
To assess how well the fitted line describes the selling price as a linear function of the square feet of living area, you would typically use a statistical measure such as the coefficient of determination (R^2). The coefficient of determination measures the proportion of the total variation in the dependent variable (selling price) that is explained by the independent variable (square feet of living area). A value of R^2 close to 1 indicates that the fitted line describes the relationship between the variables well and a value close to 0 indicates that the fitted line does not describe the relationship well.
Another way to assess the goodness-of-fit of the fitted line is to make a scatterplot of the data and visually inspect how well the fitted line fits the data. If the data points are closely clustered around the fitted line, it suggests that the fitted line describes the relationship well. If the data points are widely dispersed, it suggests that the fitted line does not describe the relationship well.
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