Question
In: Statistics and Probability
An agent for a residential real estate company in a large city would like to be...
An agent for a residential real estate company in a large city would like to be able to predict the monthly rental cost of apartments based on the size of the apartment as defined by square footage. Data for a sample of 25 apartments in a particular residential neighborhood was selected, and the information gathered revealed the following table;
a. use the least squares method to find the regression coefficient b0 and b1.
b. Interpret the meaning of b0 and b1 in this problem.
c. Predict the mean monthly rent for an apartment that has 1000 square feet.
Please provide excel formulas and explanations. (I am a beginner in regards to statistics..)
Thank you in advance.
| Rent | Size |
| 950 | 850 |
| 1600 | 1450 |
| 1200 | 1085 |
| 1500 | 1232 |
| 950 | 718 |
| 1700 | 1485 |
| 1650 | 1136 |
| 935 | 726 |
| 875 | 700 |
| 1150 | 956 |
| 1400 | 1100 |
| 1650 | 1285 |
| 2300 | 1985 |
| 1800 | 1369 |
| 1400 | 1175 |
| 1450 | 1225 |
| 1100 | 1245 |
| 1700 | 1259 |
| 1200 | 1150 |
| 1150 | 896 |
| 1600 | 1361 |
| 1650 | 1040 |
| 1200 | 755 |
| 800 | 1000 |
| 1750 | 1200 |
Solutions
orchestra answered 1 year agoRelated Solutions
An agent for a real estate company in a large city would like to be able...
An agent for a real estate company in a large city would like to be able to predict the monthly rental cost for apartments, based on the size of the apartment, as defined by square footage. A sample of eight apartments in a neighborhood was selected, and the information gathered revealed the data shown below. For these data, the regression coefficients are bo = 173.0964 and b = 1.0343. Complete parts (a) through (d). Monthly Rent ($) 950 1,550 800 1,550...
An agent for a real estate company in a large city would like to be able...
An agent for a real estate company in a large city would like to
be able to predict the monthly rental cost for apartments, based
on the size of the apartment, as defined by square footage. A
sample of eight apartments in a neighborhood was selected, and the
information gathered revealed the data shown below. For these
data, the regression coefficients are b0 =121.0967 and b1 =1.0301.
Complete parts(a) through (d).
Monthly Rent ($)
875
1,550
800
1,450
1,950
925...
An agent for a real estate company in a large city would like to be able...
An agent for a real estate company in a large city would like to
be able to predict the monthly rental cost for apartments, based
on the size of the apartment, as defined by square footage. A
sample of eight apartments in a neighborhood was selected, and the
information gathered revealed the data shown below. For these
data, the regression coefficients are b0= 181.5009 and b1 =
1.0277.
Monthly Rent ($)
Size (Square Feet)
925
800
1550
1300
800
900...
An agent for a real estate company in a large city would like to be able...
An agent for a real estate company in a large city would like to
be able to predict the monthly rental cost for apartments, based
on the size of the apartment, as defined by square footage. A
sample of eight apartments in a neighborhood was selected, and the
information gathered revealed the data shown below. For these
data, the regression coefficients are b0 = 314.3583 and b1 =
0.8995. Complete parts (a) through (d).
Monthly Rent ($) 950 - 1,450...
An agent for a real estate company in a large city would like to be able...
An agent for a real estate company in a large city would like to
be able to predict the monthly rental cost for apartments, based
on the size of the apartment, as defined by square footage. A
sample of eight apartments in a neighborhood was selected, and the
information gathered revealed the data shown below. For these
data, the regression coefficients are b 0 = 219.3999 and b 1
=0.9884.
Monthly Rent($) Size(Square Feet)
900 800
1,550 1,250
825 950...
An agent for a residential real estate company in a large city has the business objective...
An agent for a residential real estate company in a large city
has the business objective of developing more accurate estimates of
the monthly rental cost for apartments. Toward that goal, the agent
would like to use the size of an apartment, as defined by square
footage to predict the monthly rental cost. The agent selects a
sample of 25 apartments in a particular residential neighborhood
and collects the following data: Size (square feet) Rent ($) 850
1950 1450 2600...
An agent for a residential real estate company in a large city has the business objective...
An agent for a residential real estate company in a large city
has the business objective of developing more accurate estimates of
the monthly rental cost for apartments. Toward that 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 25 apartments in a particular residential neighborhood
and collects the following data: Size (square feet) Rent ($) 850
1950 1450 2600...
An agent for a residential real estate company in a large city has the business objective...
An agent for a residential real estate company in a large city
has the business objective of developing more accurate estimates of
the monthly rental cost for apartments. Toward that goal, the agent
would like to use the size of an apartment, as defined by square
footage to predict the monthly rental cost. The agent selects a
sample of 25 apartments in a particular residential neighborhood
and collects the following data:
Size (square feet) Rent ($)
850, 1950
1450, 2600...
An agent for a residential real estate company in a large city has the business objective...
An agent for a residential real estate company in a large city
has the business objective of developing more accurate estimates of
the monthly rental cost for apartments. Toward that 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 25 apartments in a particular residential neighborhood
and collects the following data:
Size (square feet)
Rent ($)
850
1950
1450
2600...
An agent for a residential real estate company in a large city has the business objective...
An agent for a residential real estate company in a large city
has the business objective of developing more accurate estimates of
the monthly rental cost for apartments. Toward that goal, the agent
would like to use the size of an apartment, as defined by square
footage to predict the monthly rental cost. The agent selects a
sample of 25 apartments in a particular residential neighborhood
and collects the following data:
Size (square feet)
Rent ($)
850
1950
1450
2600...
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