Question

An agent for a residential real estate company in a suburb located outside a major city has the business objective of developing more accurate estimates of the monthly rental cost for apartments. Toward the goal, the agent would like to use the size of an apartment, as defined by square footage to predict the monthly rental cost. The agent selects a sample of 8 one-bedroom apartments and the data are shown. Complete parts (a) through (f).

\(\begin{array}{lllllllll}\text { Monthly Rent (\$) } & 900 & 1.450 & 800 & 1,500 & 1,950 & 975 & 1.700 & 1,400 \\ \text { Size (Square Feet) } & 800 & 1,200 & 1,050 & 1,200 & 2,000 & 750 & 1,300 & 950\end{array}\)

a. Construct a scatter plot Chcose the correct graph below

b. Use the least-squares method to determine the regression coefficients \(\mathrm{b}_{0}\) and \(\mathrm{b}_{1}\) 

Answer 1