Question

An agent for a real estate company in a large city would like to be able to predict the monthly rental cost for apartments, b

b. Determine the standard error of the estimate, Syy, and interpret its meaning. Syx (Round to three decimal places as neede

c. How useful is this model for predicting the monthly rent? O A. It is not very useful for predicting the monthly rent becau

please help me answer these questions completley and obviously. I depend on it. thank you

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Answer #1
S.No X Y (x-x̅)2 (y-y̅)2 (x-x̅)(y-y̅)
1 800 975 118164.0625 162509.7656 138574.2188
2 1250 1550 11289.0625 29541.0156 18261.7188
3 1050 850 8789.0625 278916.0156 49511.7188
4 1250 1550 11289.0625 29541.0156 18261.7188
5 1900 2000 571914.0625 386728.5156 470292.9688
6 650 950 243789.0625 183291.0156 211386.7188
7 1300 1750 24414.0625 138291.0156 58105.4688
8 950 1400 37539.0625 478.5156 -4238.2813
Total 9150 11025 1027187.5000 1209296.8750 960156.2500
Mean 1143.750 1378.125 SSX SSY SXY
SST=Syy= 12,09,296.8750
SSE =Syy-(Sxy)2/Sxx= 3,11,797.6118
SSR =(Sxy)2/Sxx = 8,97,499.2632

a)

Coeffficient of determination R^2 =SSR/SST= 0.742

measures the proportion of variation in monthly rent that can be explained by the variation in apartments ,

b)

error Variance s2 =SSE/(n-2)= 51966.2686
std error σ              = =se =√s2= 227.961

O A. Syy measures the typical difference between an apartments actual rent and the rent predicted by the regression equation

UW. It is very useful for predicting the monthly rent because is close to 1 and Sy is fairly small compared to the actual ren

d)select all of the given options

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