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). 950 1,500 800 1,450 1,900 925 1,800 1,350 Monthly Rent ($) Size (Square Feet) 750 1,250 900 1,250 2,000 750 1,300 1,050 O A. OB. Oc. OD. D. Rent () 2.000 ARen 2,000 2.000 Alen () Alent ( 2.000 2.600 See ( 2.000 Se de 2,600 See (Se o 2.600 See (Se b. Use the least-squares method to determine the regression coefficients bo and b, bo (Round to one decimal place as needed.) b, (Round to one decimal place as needed.) c. Interpret the meaning of b, and b, in this problem. Choose the correct answer below. OA. For each increase of 1 square foot in space, the monthly rent is expected to increase by b, dollars. Since X cannot be zero, b, has no practical interpretation. O B. For each increase of 1 square foot in space, the monthly rent is expected to increase by b, dollars. Apartments in this neighborhood cost at least b, dollars. OC. For each increase of 1 square foot in space, the monthly rent is expected to increase by bo dollars. Since X cannot be zero, b, has no practical interpretation. OD. For each increase of 1 square foot in space, the monthly rent is expected to increase by bg dollars. Apartments in this neighborhood cost at least b, dollars. d. Predict the mean monthly rent for an apartment that has 1,000 square feet. The predicted mean monthly rent for such an apartment is s (Round to the nearest cent as needed.) e. Why would it not be appropriate to use the model to predict the monthly rent for apartments that have 500 square feet? O A. An apartment with 500 square feet is outside the relevant range for the independent variable. OB. The size of an apartment has no effect on the monthly rent, according to this model. There must be another factor that contributes to the rent price. OC. The model predicts that the monthly rent for an apartment that has 500 square feet would be unrealistically low. O D. The correlation between an apartment's size and its monthly rent is too weak to use this model for such a prediction.

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). 950 1,500 800 1,450 1,900 925 1,800 1,350 Monthly Rent ($) Size (Square Feet) 750 1,250 900 1,250 2,000 750 1,300 1,050 O A. OB. Oc. OD. D. Rent () 2.000 ARen 2,000 2.000 Alen () Alent ( 2.000 2.600 See ( 2.000 Se de 2,600 See (Se o 2.600 See (Se b. Use the least-squares method to determine the regression coefficients bo and b, bo (Round to one decimal place as needed.) b, (Round to one decimal place as needed.) c. Interpret the meaning of b, and b, in this problem. Choose the correct answer below. OA. For each increase of 1 square foot in space, the monthly rent is expected to increase by b, dollars. Since X cannot be zero, b, has no practical interpretation. O B. For each increase of 1 square foot in space, the monthly rent is expected to increase by b, dollars. Apartments in this neighborhood cost at least b, dollars. OC. For each increase of 1 square foot in space, the monthly rent is expected to increase by bo dollars. Since X cannot be zero, b, has no practical interpretation. OD. For each increase of 1 square foot in space, the monthly rent is expected to increase by bg dollars. Apartments in this neighborhood cost at least b, dollars. d. Predict the mean monthly rent for an apartment that has 1,000 square feet. The predicted mean monthly rent for such an apartment is s (Round to the nearest cent as needed.) e. Why would it not be appropriate to use the model to predict the monthly rent for apartments that have 500 square feet? O A. An apartment with 500 square feet is outside the relevant range for the independent variable. OB. The size of an apartment has no effect on the monthly rent, according to this model. There must be another factor that contributes to the rent price. OC. The model predicts that the monthly rent for an apartment that has 500 square feet would be unrealistically low. O D. The correlation between an apartment's size and its monthly rent is too weak to use this model for such a prediction.

Name: An agent for a residential real estate company in a suburb located ou
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Description: 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

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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