Time Remaining: 00:09:09 Submit Test This Question: 4 pts 19 of 30 (19 complete)

Question

Time Remaining: 00:09:09 Submit Test This Question: 4 pts 19 of 30 (19 complete) This Test: 120 pts possible An agent for a real estate company in a large city collected data on the sizes (xin square feet) and monthly rents (y in dollars) of a sample of eight apartments in a neighborhood. The data is shown below, along with the linear regression equation. Complete parts a through c below. yi 79.1+1.097xi Monthly Rent (s) 950 1,600 800 1,450 1,900 975 1,800 1,250 size (Square Feet) 800 1,300 900 1,250 1 750 1,300 1,100 Estimate the mean monthly rent for an apartment that has 1,000 square feet he mean monthly rent for such an apartment is approximately Round to the nearest cent as needed.) Interpret the coefficients bo and b1 in this problem. A. For each increase of 1 square foot in space, the monthly rent is expected to increase by $79 1. Since x cannot be zero, 1.097 has no practical interpretation. ck to select your answer(s)

Explanation / Answer

A) y = 79.1 + 1.097 *1000 = 1176.1

B) The mean monthly rent for such apartment is 1334.4

C) Answer B: For each increase of 1 square in space , The monthly rent is expected to increase by 1.097. Aparment in this neighbour cost atleast 79.1

D) The corelation between the apartment size and monthly rent is too weak to use this model for such prediction.

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