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).

mathxl.com An Agent For A Residential Real Estate C Do Homework - Alec Johnson An Agent For A Residential Real Estate C BUS352 Fall2018 MWF155 Alec Johnson 읊 1。1 11/28/18 12:33 PM Homework: Chapter 12 Homework Save Score: 0 of 1 pt 1 of 4 (1 complete) HW Score: 096, 0 of 4 pts 12.2.9-T Question Help An agent for a residential real estate company in a suburb located outside a major city has the business objective of develcping 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). Monthly Rent ( 875 1,600 800 1,500 1,900 925 1,700 1,350 Size (Square Feet) 750 1,350 950 1,100 2,000 T00 1,300 1,100 2,000 2,000 2,000 2,000 Sizo (Eq t) b. Use the least-squares method to determine the regression coefficients bo and b b308.4 (Round to one decimal place as needed.) b0.8 (Round to one decimal place as needed.) c. Interpret the meaning of bo and b, in this problem. Choose the correct answer below. O A. For each increase of 1 square foot in space, the monthly rent is expected to increase by bo dollars. Apartments in this neighborhood cost at least b1 dollars. OB. For each increase of 1 square foot in space, the monthly rent is expected to increase by bo dollars. Since X cannot be zero, b, has no practical interpretation. .Х с. For each increase of 1 square foot in space, the monthly rent is expected to increase by bi dollars. Apartments in this neighborhood cost at least bo dollars. D. For each increase of 1 square foot in space, the monthly rent is expected to increase by b1 dollars. Since X cannot be zero, bo has no practical interpretation. d. Predict the mean monthly rent for an apartment that has 1,000 square feet The predicted mean monthly rent for such an apartment is $ (Round to the nearest cent as needed.) Enter your answer in the answer box and then click Check Answer Clear All Check Answer remaining

Answer 1

a)

Graph = C option

b) y = 308.4 + 0.9⋅x

b0 = 308.4

b1 = 0.9

c) D option

d) x = 1000

y = 308.355 + 0.885⋅1000

y = 1193.36