More real estate Consider the Albuquerque home sales from Exercise 25 again. The regression analysis gives the model Price = 47.82 + 0.061 Size. a) Explain what the slope of the line says about housing prices and house size. b) What price would you predict for a 3000-square-foot house in this market? c) A real estate agent shows a potential buyer a 1200-square-foot home, saying that the asking price is $6000 less than what one would expect to pay for a house of this size. What is the asking price, and what is the $6000 called?

Lecture 1 Nicole Rubenstein August 28, 2017 1 Overview & Introduction Probability Concepts (STAT 3375): ▯ Chapter 2: Basic Probability ▯ Chapter 3: Discrete Probability Distributions ▯ Chapter 4: Continuous Probability Distributions ▯ Chapter 5: Multivariate Probability Distributions ▯ Chapter 6: Transformations of Random Variables Inferential Statistics (STAT 3445): ▯ Chapter 7: Central Limit Theorem ▯ Chapter 8: Estimation ▯ Chapter 9: Evaluating Estimators ▯ Chapter 10: Hypothesis Testing 2 Class Notes From Textbook 2.1-2.2 Objective of Statistics:ke an inference about a population based on information contained in a sample from that population and to provi