With the aim of predicting the selling price of a house in Newburg Park, Florida, from the distance between the house and the beach, we might examine a regression equation relating the two variables. In the table below, the distance from the beach (?, in miles) and selling price (?, in thousands of dollars) for each of a sample of fifteen homes sold in Newburg Park in the past year are given. The least-squares regression equation relating the two variables is ? . The line having this equation is plotted in Figure 1.
Distance from the beach Selling price, y
x (in miles) in thousands of dollars
Based on the above information, answer the following:
1. Fill in the blank; for these data house prices that are greater than the mean of the house prices tend to be paired with distances from the beach that are ___ the mean of the distances from the beach
2. According to the regression equation for an increase of one mile in distance from the beach there is a corresponding decrease of how many thousand dollars in house price?
3. from the regression equation what is the predcted house price ( in thousands of dollars) when the distance in miles from the beach is 7.8 miles round your answer to at least one decimal place
Thanks for the help