STAT 1430 Homework Solution
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1. (10 points) Given the equation
y = β0 + β1x + . What does each part of the equation represent? (ie is the
independent variable, etc)
2. (5 points) What is the difference between a
residual and an error?
3. (10 points) In figure 1, the
X’s represent data points x and y. The line represents a linear estimation of
the relationship between x and y. Answer the following questions refering to
the figure: (a) If the estimated equation is y = βˆ 0 + βˆ 1x + , what is the
approximate value of βˆ 0? (b) What is the sign of βˆ 1? (c) What distance in
the graph represents ˆ?
4. (20 points)You are working
with a small firm that invests in real estate and have been charged with
identifying homes that are priced below market value in Columbus. You are
specifically looking at homes in Upper Arlington and have been able to collect
the following data for homes sold in the past year: price, bedrooms, bathrooms,
square footage of home, and square footage of lot.
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