Discuss how you determine the direction of the association between the two variables.

OverviewRecall that samplesare used to generate a statistic, which businesses use to estimatethepopulation parameter. You have learned how to take samples from populations anduse them to produce statistics. For two quantitative variables, businesses canuse scatterplots and the correlation coefficient to explore a potential linearrelationship.Furthermore, they can quantify the relationship in a regressionequation.PromptThis assignment picksup where the Module Two assignment left off(MODULE TWO ISATTACHED) and will use components of thatassignment as a foundation.You have submittedyour initial analysis to the sales team at D.M. Pan Real EstateCompany. Youwill continue your analysis of the provided RealEstate Data spreadsheet using yourselected region to completeyour analysis. You may refer back to the initialreport you developed in theModule Two Assignment Template to continue the work.This document andthe NationalStatistics and Graphs spreadsheet will support yourwork on theassignment.Note: In thereport you prepare for the sales team, the dependent, or response, variable (y)should be thelisting price and the independent, or predictor, variable (x)should bethe square feet
Using the Module Three Assignment Template(SEE ATTACHMENT), specifically address the following:
RegressionEquation: Providethe regression equation for the line of best fit using the scatterplotfrom the Module Two assignment.Determine r: Determine r andwhat it means. (What is the relationship between the variables?)
Determinethe strength of the correlation (weak, moderate, or strong).Discusshow you determine the direction of the association between the twovariables.
Is there a positive or negativeassociation?What do you see as the directionof the correlation?
Examinethe Slope and Intercepts: Examine the slopeb1 andintercept b0
Drawconclusions from the slope and intercept in the context of this problem.
Does the intercept make sensebased on your observation of the line of best fit?
Determinethe value of the land only.Note: You can assume, when the square footage of the house iszero, that the price is thevalue of just the land. This happenswhen x=0, which is the y-intercept. Does thisvalue make sense in context?
Determinethe R-squared Coefficient: Determine the R-squaredvalue.
Discusswhat R-squared means in the context of this analysis.
Conclusions: Reflect onthe Relationship: Reflect on the relationship between square feet andsales price by answering the following questions:
Isthe square footage for homes in your selected region different than forhomes overall in the United States?Forevery 100 square feet, how much does the price go up (i.e., can you useslope to helpidentify price changes)?Whatsquare footage range would the graph be best used for?