An agent for a residential real estate company in a suburb located outside a major city has the business objective of developing more accurate estimates of the montl rental cost for apartments. Toward the goal, the agent would like to use the size of an apartment, as defined by square footage to predict the monthly rental cost. The agent selects a sample of 8 one-bedroom apartments and the data are shown. Complete parts (a) through (f). Monthly Rent ($) 875 1,450 800 1,500 1,950 950 1,700 1,300 O Size (Square Feet) 900 1,300 1,050 1,250 1,900 650 1,350 950

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How can I calculate part B using excel?

An agent for a residential real estate company in a suburb located outside a major city has the business objective of developing more accurate estimates of the monthly
rental cost for apartments. Toward the goal, the agent would like to use the size of an apartment, as defined by square footage to predict the monthly rental cost. The
agent selects a sample of 8 one-bedroom apartments and the data are shown. Complete parts (a) through (f).
Monthly Rent ($)
875
1,450
800
1,500
1,950
950
1,700 1,300 O
Size (Square Feet)
900
1,300 1,050 1,250
1,900
650
1,350
950
b. Use the least-squares method to determine the regression coefficients bo and b1.
Transcribed Image Text:An agent for a residential real estate company in a suburb located outside a major city has the business objective of developing more accurate estimates of the monthly rental cost for apartments. Toward the goal, the agent would like to use the size of an apartment, as defined by square footage to predict the monthly rental cost. The agent selects a sample of 8 one-bedroom apartments and the data are shown. Complete parts (a) through (f). Monthly Rent ($) 875 1,450 800 1,500 1,950 950 1,700 1,300 O Size (Square Feet) 900 1,300 1,050 1,250 1,900 650 1,350 950 b. Use the least-squares method to determine the regression coefficients bo and b1.
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