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Unformatted text preview: highly related to the age of the home. But it can be concluded that the older the home gets, the more likely it is to be less expensive. How is the type of heating (gas or electric) related to the selling prices? The estimated price of the houses does not appear to relate to the type of heating. This can be shown by the strength of the correllation coefficient, R^2, .0074. As it is very close to 0 we can conclude that the price is not strongly related to the type of heating. To affirm this assumption we can take the difference in the average price of the houses with gas heating the average price of the houses with electric heating. This difference, $11.96, is less that half standard deviation, $26.43. This shows that variance in the prices is such that the relation between the price and the type of heating is weak or nonexistant....
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This note was uploaded on 03/15/2010 for the course QMETH 201 taught by Professor Faaland during the Spring '08 term at University of Washington.
- Spring '08