04 May A Real Estate Company In Downtown Miami Would Like To Be Able To Predict The Monthly Rental Cost For Apartments …
A real estate company in downtown Miami 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 25 apartments in a particular residential neighborhood was chosen.
Q-2a: Construct a scatter plot of rent/size.
Q-2b: Find the equation of the least squares regression line that models the relationship between square footage and rental amount and interpret the meaning of the coefficients.
Q-2c: Predict the monthly rent for an apartment with 1000 square feet.
Q-2d: Explain why it would not be appropriate to use the model to predict the monthly rent for apartments that have 500 square feet.
Q-2e: You are considering signing a lease for an apartment in this residential neighborhood. You are deciding between two apartments, one with 1,000 square feet that rents for $1,275 and the other with 1,200 square fee that rents for $1,425. Which is a better deal? Explain.
Size (x) Rent (y) 850 950 1450 1600 1085 1200 1232 1500 718 950 1485 1700 1136 1650 726 935 700 875 956 1150 1100 1400 1285 1650 1985 2300 1369 1800 1175 1400 1225 1450 1245 1100 1259 1700 1150 1200 896 1150 1361 1600 1040 1650 755 1200 1000 800 1200 1750
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