Math Problem Statement

Housing Costs at the Turn of the Century The following table shows the average price of a two-bedroom apartment in a downtown area from 1994 to 2004 (t = 0 represents 1994). Year t 0 2 4 6 8 10 Price p ($ million) 0.58 0.60 0.80 1.15 1.40 1.80 (a) Use technology to obtain the linear regression line and correlation coefficient r, with all coefficients rounded to two decimal places.

Solution

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Math Problem Analysis

Mathematical Concepts

Linear Regression
Correlation Coefficient
Statistics

Formulas

Linear regression formula: y = mx + b
Correlation coefficient formula: r = Cov(X,Y) / (σX * σY)

Theorems

Least Squares Method

Suitable Grade Level

Grades 10-12