A regression analysis of 117 homes for sale produced the following regression equation, where price is in thousands of dollars and size is in square feet. Required:
a. What does the slope of the line say about housing prices and size?
b. What price would you predict for a 2500 square foot house in the market?
c. A real estate agent shows a potential buyer 1100 square foot house, saying that the asking price is $6000 less than what one would expect to pay for a house of this size. What is the asking price, and what is the $6000 called?