Need help solving

Question

You are going to explore whether a relationship exists between the cost of a property (properties are labeled with color coded rectangles) and its distance from Go.

1. Explain the relationship you observe between the price of the property and the number of spaces from Go. Use complete sentences.

2. Complete the table (not this one, but the one below), note that there is the exact number of cells in the table that you will need.

3. Calculate a Linear Regression for the Data. Enter the equation for the linear function.

4. How strong is the linear correlation? Justify your answer using the correlation coefficient.

5. Railroad prices: You may notice that some of the railroad properties seem like outliers. According to your linear equation model from question 3, how much should each railroad cost? Enter your work for each railroad.

1. a. Reading Railroad
2. b. Pennsylvania Railroad
3. c. B&O Railroad
4. d. Short Line Railroad

6. How did the game makers come up with $200 each for the railroad prices?

(Side note: I have the data for questions 1 and 2 but I'm not understanding what more to do after that)

Answer 1

3. The linear regression equation is:

F(X) = 8.4205X + 39.8434

4. R^2 = 0.9891, which means this equation is an excellent fit.

5. A. Reading = 5×8.42050995 + 39.84341413 = $81.95

5. B. Pennsylvania = 15×8.42050995 + 39.84341413 = $166.15

5. C. B. & O. = 25×8.42050995 + 39.84341413 = $250.36

5. D. Short Line = 35×8.42050995 + 39.84341413 =$334.56

6. That is unclear. I found nothing in the history of the game. $200 is the average price of the other properties on the board, rounded to the nearest $100, and maybe that has something to do with the pricing.

Answer 2

I used Desmos to do the linear regression. https://www.desmos.com/calculator/c7cz4ew3hv

1) Prices tend to rise with the distance from GO, with the exception of the Railroads and utilities.

2) This just a table of space numbers and prices.

3) y = 6.777116x + 67.181

4) Fairly good. Corr = 0.87734

5)

a) $101

b) $169

c) $203

d) $304

6) Approximately the average of the prices if rounded up.