Use the Following

Essay

Use the following
A quantitatively savvy, young couple is interested in purchasing a home in northern New York. They collected data on houses that had recently sold in the area. They want to predict the selling price of homes (in thousands of dollars) based on the age of the home (in years). Some summary statistics, partial regression output, and a scatterplot of the relationship (with regression line) are provided.
Use two decimal places when reporting the results from any calculations, unless otherwise specified.
The regression equation is Price (in thousands) = 193 - 0.665 Age
Analysis of Variance


-Is the linear model effective at predicting the selling price of homes in this portion of northern New York? Use the provided computer output (and = 0.05) for this test. Include all details of the test.