A real estate agent wishes to estimate the monthly rental for apartments based o

Question

A real estate agent wishes to estimate the monthly rental for apartments based on the size (square feet) and location of the apartments. She chose the model y = beta_0 + beta_1X_1 + beta_2X_2 + epsilon, where X_1 represents the square footage of the apartment and X_2 = {1 if located in town center 0 if not located in town center This linear regression model was fitted to a sample of size 50 to produce the regression equation below. Complete parts a through c. y = 145 + 1.1X_1 +350X_2 Predict the average monthly rent for an apartment located in the suburbs that has 1,250 square feet.

Explanation / Answer

prediction = y-hat = 145 + 1.1*1250 + 0*350 = 1520

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