Real Estate Prices The data relating the square feet of living space and the selling price of 12 residential properties given in Example are reproduced here. First, find the best-fitting line that describes these data, and then plot the line and the data points on the same graph. Comment on the goodness of the fitted line in describing the selling price of a residential property as a linear function of the square feet of living area.
Residence
x (sq. ft.)
y (in thousands)
1
1360
$278.5
2
1940
375.7
3
1750
339.5
4
1550
329.8
5
1790
295.6
6
310.3
7
2230
460.5
8
1600
305.2
9
1450
288.6
10
1870
365.7
11
2210
425.3
12
1480
268.8
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