Florida real estate. The table on text page 614 gives the appraised market values and actual selling prices (in thousands of dollars) of condominium units sold in a beachfront building over a 93-month period.
(a) Find the multiple regression model for predicting selling price from appraised market value and month.
(b) Find and interpret the squared multiple correlation coefficient for your model.
(c) What is the regression standard error for this model?
(d) Hamada owns a unit in this building appraised at $802,600. Use your model to predict the selling price for Hamada's unit.
(e) Plot the residuals for your model against both explanatory variables and comment on the appearance of these plots.