An agent for a real estate company in a large city 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 eight apartments in a neighborhood was selected, and the information gathered revealed the data shown below. For these data, the regression coefficients are b, = 120.9353 and b, = 1.0524. Complete parts (a) through (d). Monthly Rent (S) 950 1,450 825 1,500 1.900 975 1,800 1,250 o Size (Square Feet) 850 1,250 1,050 1,200 1,800 750 1,250 1,050 a. Determine the coefficient of determination, r", and interpret its meaning - (Round to three decimal places as needed.) What is the meaning of r? O A. r measures the proportion of variation in apartment size that can be explained by the variation in monthly rent OB. * measures the proportion of variation in monthly rent that can be explained by the variation in apartment size. Oc. * measures the proportion of variation in apartment size that cannot be explained by the variation in monthly rent OD. measures the proportion of variation in monthly rent that cannot be explained by the variation in apartment size. b. Determine the standard error of the estimate, Syx Sx=O (Round to three decimal places as needed.) c. How useful is this model for predicting the monthly rent? OA. Itis very usetul for predicting the monthly rent becauser is close to 1. Sx does not indicate whether a regression model is useful. OB. It is very usetul for predicting the monthly rent because is close to 1 and Sx is fairly small compared to the actual rents. OC. It is not very useful for predicting the monthly rent because although is close to 1, Sx is fairly small compared to the actual rents. OD. It is not very useful for predicting the monthly rent because is close to 0 and Sx is fairly small compared to the actual rents. d. What other variables might explain the variation in monthly rent? Select all that apply DA. Whether tenants are allowed to keep pets O B. The condtion of the apartment OC. Whether parking is available to tenants OD. The desirability of the apartment building's location O E. The presence or absence of carpeting in the apartment
An agent for a real estate company in a large city 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 eight apartments in a neighborhood was selected, and the information gathered revealed the data shown below. For these data, the regression coefficients are b, = 120.9353 and b, = 1.0524. Complete parts (a) through (d). Monthly Rent (S) 950 1,450 825 1,500 1.900 975 1,800 1,250 o Size (Square Feet) 850 1,250 1,050 1,200 1,800 750 1,250 1,050 a. Determine the coefficient of determination, r", and interpret its meaning - (Round to three decimal places as needed.) What is the meaning of r? O A. r measures the proportion of variation in apartment size that can be explained by the variation in monthly rent OB. * measures the proportion of variation in monthly rent that can be explained by the variation in apartment size. Oc. * measures the proportion of variation in apartment size that cannot be explained by the variation in monthly rent OD. measures the proportion of variation in monthly rent that cannot be explained by the variation in apartment size. b. Determine the standard error of the estimate, Syx Sx=O (Round to three decimal places as needed.) c. How useful is this model for predicting the monthly rent? OA. Itis very usetul for predicting the monthly rent becauser is close to 1. Sx does not indicate whether a regression model is useful. OB. It is very usetul for predicting the monthly rent because is close to 1 and Sx is fairly small compared to the actual rents. OC. It is not very useful for predicting the monthly rent because although is close to 1, Sx is fairly small compared to the actual rents. OD. It is not very useful for predicting the monthly rent because is close to 0 and Sx is fairly small compared to the actual rents. d. What other variables might explain the variation in monthly rent? Select all that apply DA. Whether tenants are allowed to keep pets O B. The condtion of the apartment OC. Whether parking is available to tenants OD. The desirability of the apartment building's location O E. The presence or absence of carpeting in the apartment
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
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A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
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Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
Question
Transcribed Image Text:An agent for a real estate company in a large city 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 eight apartments in a neighborhood was selected, and the information gathered revealed the data shown below. For these data, the regression
coefficients are b, = 120.9353 and b, = 1.0524. Complete parts (a) through (d).
Monthly Rent ($)
Size (Square Feet)
950 1,450 825 1,500 1,900 975 1,800 1,250 D
850
1,250 1,050 1,200 1,800 750 1,250 1,050
a. Determine the coefficient of determination, r, and interpret its meaning.
7= (Round to three decimal places as needed.)
What is the meaning of r?
O A. * measures the proportion of variation in apartment size that can be explained by the variation in monthly rent.
O B. measures the proportion of variation in monthly rent that can be explained by the variation in apartment size.
O C. r measures the proportion of variation in apartment size that cannot be explained by the variation in monthly rent.
O D. measures the proportion of variation in monthly rent that cannot be explained by the variation in apartment size.
b. Determine the standard error of the estimate, Sy.
Syy = (Round to three decimal places as needed.)
c. How useful is this model for predicting the monthly rent?
O A. It is very useful for predicting the monthly rent because r is close to 1. Syx does not indicate whether a regression model is useful.
O B. It is very useful for predicting the monthly rent because is close to 1 and Syy is fairly small compared to the actual rents.
OC. It is not very useful for predicting the monthly rent because although r? is close to 1, Syy is fairly small compared to the actual rents.
O D. It is not very useful for predicting the monthly rent because r is close to 0 and Syy is fairly small compared to the actual rents.
d. What other variables might explain the variation in monthly rent? Select all that apply.
O A. Whether tenants are allowed to keep pets
O B. The condition of the apartment
O C. Whether parking is available to tenants
O D. The desirability of the apartment building's location
O E. The presence or absence of carpeting in the apartment
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