6.5 New variables

In some settings, large paintings sell for more at auction than small ones.
We might be interested in predicting the price of a hypothetical painting of a certain size and aspect ratio.

New variables in our dataset:

• Size = Width \(\times\) Height
• Aspect Ratio = Width / Height

6.5.1 Relation with PRICE

Does the size affect price?
Does the aspect ratio affect price?

A scatter plot of two variables shows the values of one variable on the Y axis and the values of the other variable on the X axis. Scatter plots are well suited for revealing the relationship between two variables.