The data show the list and selling prices for several expensive homes. Find the regression equation, letting the first variable be the independent (x) variable. Find the best predicted selling price of a home having a list price of $ million. Use a significance level of 0.05.

The best predicted selling price of a home having a list price of $22 million is $20.52 million.

Step-by-step explanation:

The missing data is:

List price (x) (millions of $)  

(1) 1.6 (2) 4.2 (3) 2.1 (4) 1.6 (5) 2.3 (6) 4  

Selling price (y) (millions of $)

(1) 2 (2) 4.6 (3) 1.8 (4) 1.9 (5) 2.4 (6) 3.6

Use Excel to perform the regression analysis.

The significance level is, α = 0.05.

The regression output is attached below.

The regression equation is:

The value of t-statistic is:

t = 0.676.

The p-value is:

p-value = 0.536

Compute the predicted selling price of a home having a list price of $22 million as follows:

Thus, the best predicted selling price of a home having a list price of $22 million is $20.52 million.

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