Answer to Question #237647 in Economics for Lydia

Question

Suppose that you are assigned a task to investigate the relationship between selling price and valuation of plots sold by a local municipality. Data was obtained for a random sample of ten plots . Plot Selling price (N$ 000) Valuation (N$ 000) 1 120 72 2 100 68 3 14072 4 150 70 515575 6 100 50 7 150 58 8 200 90 980 56 10 14570 a) Discuss the difference between correlation analysis and regression analysis. (10) b) Use the method of least squares and estimate the regression equation between selling price and valuation . (15 ) c) Provide an interpretation for the slope coefficient. (5) d) Use the estimated regression equation and make a prediction for a value of the dependent variable when the independent variable is N$ 85 000. (5) e) Calculate and interpret the coefficient of determination. ( 10) f) Calculate and interpret the correlation coefficient. (5) QUESTION 3[10]

Answer 1

Dear Lydia, your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order