Lab020304A

# Lab020304A - The following is a sample of metro areas in...

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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  average   home value   a 2. Which do you think is the  causal or independent variable ? Which do you think is the  respons 3. If we are interested in the linear relationship between average home value and average person 4. If we are interested in the relationship between average home value and average personal inco 5. What is the proper measure of the  relative strength  of the relationship? Explain why and interp 6. What is the best  graphical  representation for showing this relationship? Draw it.

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SALTLAKECITY 45.61 254.03 SANANTONIO 31.94 145.16 SANBERNADINO 34.12 275.25 SANDIEGO 53.16 466.59 SANFRANCISCO 61.89 604.16 SANJOSE 66.29 633.23 SANTAANA 54.28 580.91 SEATTLE 54.08 375.86 STLOUIS 36.95 196.48 TAMPA 35.41 168.97 WASHINGTONDC 60.76 448.27
d dollars. 1. There should be a positive relationship between average home va

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## This note was uploaded on 07/01/2011 for the course ECO 370 taught by Professor Camp during the Spring '11 term at Indiana State University .

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Lab020304A - The following is a sample of metro areas in...

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