Question: The sales manager at Sun City Real Estate Company in Tempe, Arizona, is interested in describing the relationship between condo sales prices and the number of weeks the condo is on the market before it sells. He has collected a random sample of 17 low-end condos that have sold within the past three months in the Tempe area. These data are shown as follows:
a. Develop a simple linear regression model to explain the variation in selling price based on the number of weeks the condo is on the market.
b. Test to determine whether the regression slope coefficient is significantly different from 0 using a significance level equal to 0.05.
c. Construct and interpret a 95% confidence interval estimate for the regression slope coefficient.