Lab020304 - 7. What is the least squares line? Interpret...

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Unformatted text preview: 7. What is the least squares line? Interpret the intercept and the slope. 8. Predict the average home value in a metro area when average personal income is 40 thousand Metro Area Average personal Income Average Home Value ATLANTA 44.97 175.91 BALTIMORE 51.15 380.31 BIRMINGHAM 39.78 188.40 BOSTON 59.94 471.10 BUFFALO 31.59 165.77 CHARLOTTE 43.66 203.06 CHICAGO 45.06 249.64 CINCINNATI 38.51 207.29 CLEVELAND 42.26 168.79 COLUMBUS 43.70 206.28 DALLAS 40.70 189.51 DENVER 50.73 257.19 DETROIT 37.76 104.97 HARTFORD 51.47 306.13 HOUSTON 48.17 207.66 INDIANAPOLIS 46.99 149.12 KANSASCITY 42.94 178.84 LOSANGELES 56.92 479.27 MEMPHIS 41.92 154.03 MIAMI 40.27 284.37 MILWAUKEE 44.92 234.71 MINNEAPOLISSTPAUL 50.23 213.51 NEWORLEANS 49.81 192.86 NEWYORK 53.71 495.89 NORFOLK 36.45 292.75 OKLAHOMACITY 34.56 129.14 PHILADELPHIA 46.79 329.37 PHOENIX 40.06 208.02 PITTSBURGH 38.65 157.03 PORTLAND 45.61 299.29 PROVIDENCE 34.07 308.27 SACRAMENTO 38.89 326.39 The following is a sample of metro areas in the USA. You are a manager in an urban planning ass 1. Using your judgment only, do you think there is a relationship between 1....
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Lab020304 - 7. What is the least squares line? Interpret...

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