Calculate the value of the correlation coefficient between sale price and size.

The following data on sale price, size, and land-to-building ratio for 10 large industrial properties appeared in a paper.

Property Sale Price
(millions
of dollars)
Size
(thousands
of sq. ft.)
Land-to-
Building
Ratio
1 10.5 2167 2.1
2 2.7 752 3.5
3 30.4 2422 3.5
4 1.9 224 4.7
5 20.0 3918 1.6
6 8.1 2867 2.2
7 10.0 1698 3.1
8 6.7 1047 4.8
9 5.8 1107 7.6
10 4.5 405 17.1

(a) Calculate the value of the correlation coefficient between sale price and size. (Give the answer to three decimal places.)
r =Correct: your answer is correct.
(b) Calculate the value of the correlation coefficient between sale price and land-to-building ratio. (Give the answer to three decimal places.)
r =
(c) If you wanted to predict sale price and you could use either size or land-to-building ratio as the basis for making predictions, which would you use?
SizeLand-to-building ratio
(d) Based on your choice in Part (c), find the equation of the least-squares regression line you would use for predictingy = sale price. (Give answers to three decimal places.)
y hat =+

find the cost of your paper

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