Data for a sample of 30 apartments in a particular neighborhood are provided in the worksheet....

Data for a sample of 30 apartments in a particular neighborhood are provided in the worksheet. You want to see if there is a direct relationship between Size of the Apartment and Rent.

Please see Attached Excel for Data.

Base on your results, If the Size of your Apartment increased by 1 Sq. Ft., on average, the Rent would increase by approximately how much?

Place your answer, rounded to 2 decimal places, in the blank. Do not use any stray punctuation marks or a dollar sign. Make sure you put the 0 in front of the decimal.

For example, 34.56 would be a legitimate entry.

Solutions

Expert Solution

Answer 0.87

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I will be happy to answer your doubts, if any in the comment section below. Thanks! :)

Explanation below:

The following sample of 30 apartments was used:

The result of the linear regression in Excel was:

It can be seen that the coefficient of Size is 0.8690
So if size was increased by 1 Sq Ft. the Rent would increase by 0.87

orchestra answered 11 months ago

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