An agent for a real estate company in a DeLand collected data on the sizes (x in square feet) and monthly rents (y in do

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An Agent For A Real Estate Company In A Deland Collected Data On The Sizes X In Square Feet And Monthly Rents Y In Do 1 (199.28 KiB) Viewed 34 times

An agent for a real estate company in a DeLand collected data on the sizes (x in square feet) and monthly rents (y in dollars) of a sample of eight apartments in a neighborhood. The data is shown below, along with the linear regression equation. Complete parts a through c below. ^ y₁ = 100.5+ 1.099x₁ 950 1,600 825 1,500 1,900 925 1,800 1,250 Monthly Rent ($) Size (Square Feet) 850 1,300 900 1.250 1.800 750 1.250 950 a. Estimate the mean monthly rent for an apartment that has 1,000 square feet. The mean monthly rent for such an apartment is approximately $ (Round to the nearest cent as needed.) b. Interpret the coefficients bo and b₁ in this problem. A. For each increase of 1 square foot in space, the monthly rent is expected to increase by $100.5. Apartments in this neighborhood cost at least $1.099. B. For each increase of 1 square foot in space, the monthly rent is expected to increase by $1.099. Apartments in this neighborhood cost at least $100.5. C. For each increase of 1 square foot in space, the monthly rent is expected to increase by $100.5. Since X cannot be zero, 1.099 has no practical interpretation. D. For each increase of 1 square foot in space, the monthly rent is expected to increase by $1.099. Since X cannot be zero, 100.5 has no practical interpretation. c. You have been asked to estimate the mean monthly rent for an apartment that has 2,500 square feet. Discuss how you would proceed and indicate your cautions. Select the correct choice below and, if necessary, fill in the answer box to complete your answer. A. The correlation between an apartment's size and its monthly rent is too weak to use this model for such a prediction. as long as b₁ is greater than 0. 3 B. The estimated mean monthly rent is (Round to two decimal places as needed.)