An agent for a residential real estate company in a suburb located outside a major city has the business objective of de
Posted: Mon Jul 11, 2022 11:27 am
An agent for a residential real estate company in a suburblocated outside a major city has the business objective ofdeveloping more accurate estimates of the monthly rental cost forapartments. Toward the goal, the agent would like to use thesize of an apartment, as defined by square footage to predictthe monthly rental cost. The agent selects a sample of8 one-bedroom apartments and the data are shown. Completeparts (a) through (c).
Monthly Rent ($)
875
1,500
825
1,500
1,950
975
1,825
1,250
Size (Square Feet)
750
1,350
1,050
1,250
1,900
750
1,250
1,100
Question content area bottom
Part 1
a. Construct a scatter plot. Choose the correct graph below.
b. Use the least-squares method to determine theregression coefficients intercept b0 and slope b1.
b0
=
b1
=
c. Predict the mean monthly rent for an apartment thathas 1,000 square feet.
The predicted mean monthly rent for such an apartment is?
(Round to 2 decimal digits as needed.)
Monthly Rent ($)
875
1,500
825
1,500
1,950
975
1,825
1,250
Size (Square Feet)
750
1,350
1,050
1,250
1,900
750
1,250
1,100
Question content area bottom
Part 1
a. Construct a scatter plot. Choose the correct graph below.
b. Use the least-squares method to determine theregression coefficients intercept b0 and slope b1.
b0
=
b1
=
c. Predict the mean monthly rent for an apartment thathas 1,000 square feet.
The predicted mean monthly rent for such an apartment is?
(Round to 2 decimal digits as needed.)