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.

Expert Solution

Answer 0.87

Please upvote and provide feedback if this answer helped you. This would help me improve and better my solutions.
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 1 year ago

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. Rent Size 950 850 1500 1450 1150 1085 1400 1232 950 718 1700 1485 1550 1136 935 726 875 700 1050 956 1400 1100 1650 1500 1875 1985 1800 1674 1395 1223 1375 1225 1100 1300 1500 1345 1200 1150 1150 896 1100 1361 1150 1040 1200...

A simple random sample of 30 households was selected from a particular neighborhood. The number of...

A simple random sample of 30 households was selected from a particular neighborhood. The number of cars for each household is shown below. Construct the 98% confidence interval estimate of the population mean. 2 0 1 2 3 2 1 0 1 4 1 3 2 0 1 1 2 3 1 2 1 0 0 5 0 2 2 1 0 2 A) 1.0 cars < μ < 2.0 cars B) 0.9 cars < μ < 2.1 cars C)...

Using the data provided in the ‘Data Task B’ worksheet, complete the flexible budget for T&K...

Using the data provided in the ‘Data Task B’ worksheet, complete the flexible budget for T&K Solutions and calculate flexible budget variances using the proforma in ‘Schedule 2’. For each variance, indicate if it is U (unfavourable), F (favourable) 2018 BUDGETED DATA Taxation Bookkeeping Advisory Total Billable hours 4400 1200 5200 10800 Professional labour hours 4600 1320 5720 11640 Charge out rate per billable hour $ 210.00 $ 180.00 $ 210.00 　 Professional labour per worked hour $ 90.00 $ 75.00...

Via Gelato is a popular neighborhood gelato shop. The company has provided the following data concerning...

Via Gelato is a popular neighborhood gelato shop. The company has provided the following data concerning its operations: Fixed Element per Month Variable Element per Liter Actual Total for June Revenue $ 16.00 $ 90,540 Raw materials $ 5.05 $ 31,630 Wages $ 6,000 $ 1.80 $ 16,900 Utilities $ 2,030 $ 0.60 $ 6,000 Rent $ 3,000 $ 3,000 Insurance $ 1,750 $ 1,750 Miscellaneous $ 690 $ 0.75 $ 5,200 While gelato is sold by the cone or...

Monthly rental rate data were collected from a large random sample of apartments in Manhattan. The...

Monthly rental rate data were collected from a large random sample of apartments in Manhattan. The mean rate was $3156.50 per month. The distribution of sample means was normal with a standard error of $92.801. Construct a 95% confidence interval to estimate the mean rate in the population of all Manhattan apartments. [2974.610, 3338.390] [3003.855, 3309.145] [3138.311, 3174.689] [3151.681, 3158.319]

Mr. Jones wanted to check if there was an observable impact of a particular worksheet on...

Mr. Jones wanted to check if there was an observable impact of a particular worksheet on his students’ test scores for Chapter 1. His idea was to test if there was a significant variation in the average test score of the class that used the worksheet in comparison to the class that did not. In the class before lunch, he used the worksheet but not the one after lunch. He has 23 students in each class. Their test scores are...

Duke Energy reported that the cost of electricity for an efficient home in a particular neighborhood...

Duke Energy reported that the cost of electricity for an efficient home in a particular neighborhood of Cincinnati, Ohio, was $104 per month.† A researcher believes that the cost of electricity for a comparable neighborhood in Chicago, Illinois, is higher. A sample of homes in this Chicago neighborhood will be taken and the sample mean monthly cost of electricity will be used to test the following null and alternative hypotheses. H0: μ ≤ 104 Ha: μ > 104 (A) Assume...

Duke Energy reported that the cost of electricity for an efficient home in a particular neighborhood...

Duke Energy reported that the cost of electricity for an efficient home in a particular neighborhood of Cincinnati, Ohio was $107 per month. A researcher believes that the cost of electricity for a comparable neighborhood in Chicago, Illinois is higher. A sample of homes in this Chicago neighborhood will be taken and the sample mean monthly cost of electricity will be used to test the following null and alternative hypotheses. H0: μ ≤ 107 Ha: μ > 107 a. Assume...

A particular drug is used to treat leukemia. A random sample of 30 patients had remission...

A particular drug is used to treat leukemia. A random sample of 30 patients had remission times listed below in weeks. Assume that remission times are normally distributed. 10 7 32 23 22 6 16 34 32 25 11 17 16 12 23 20 9 6 17 35 6 13 9 6 10 24 11 18 19 16 At a 0.05 level of signiﬁcance, does the data indicate that the standard deviation of remission time of people using this drug...

Collect data from 30 people from your work, school, neighborhood, family, or other group. Ask a...

Collect data from 30 people from your work, school, neighborhood, family, or other group. Ask a quantitative question, such as, “How many pets do you have?” or “How many college classes have you taken?” Explain your population, sample, and sampling method and what level of measurement your data is (nominal, ordinal, interval, or ratio). Use technology ( Excel) to create a Histogram of your data and explain the shape of the distribution (bell-shaped, uniform, right-skewed, or left-skewed) and possible reasons...

Question

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

Solutions

Expert Solution

Related Solutions