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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 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. Comple parts (a) through (f). a. Construct a scatter plot. Choose the correct graph below. O A. A Rent ($) 2,000- 0+ ... 4 2,000 Size (sq ft) Q Q G O B. 2,000 Monthly Rent (S) Size (Square Feet) A Rent (5) 0- .. • 2,000 Size (Sq ft) Q 900 1,600 825 1,450 1,900 975 1,825 1,300 900 1,200 1,050 1,200 1,900 700 1,350 1,100 b. Use the least-squares method to determine the regression coefficients bo and b₁. bo = (Round to one decimal place as needed.) b₁ = (Round to one decimal place as needed.) c. Interpret the meaning of bo and b, in this problem. Choose the correct answer below. O C. 2,000 A Rent (S) 0+ 14. 2,000 Size (Sq ft) Q G O D. A Rent ($) 2,000+ 0- 0 O A. For each increase of 1 square foot in space, the monthly rent is expected to increase by bo dollars. Apartments in this neighborhood cost at least b₁ dollars. OB. 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 bo dollars. Jo 34 · 2,000 Size (Sq ft) Q O

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 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. Comple parts (a) through (f). a. Construct a scatter plot. Choose the correct graph below. O A. A Rent ($) 2,000- 0+ ... 4 2,000 Size (sq ft) Q Q G O B. 2,000 Monthly Rent (S) Size (Square Feet) A Rent (5) 0- .. • 2,000 Size (Sq ft) Q 900 1,600 825 1,450 1,900 975 1,825 1,300 900 1,200 1,050 1,200 1,900 700 1,350 1,100 b. Use the least-squares method to determine the regression coefficients bo and b₁. bo = (Round to one decimal place as needed.) b₁ = (Round to one decimal place as needed.) c. Interpret the meaning of bo and b, in this problem. Choose the correct answer below. O C. 2,000 A Rent (S) 0+ 14. 2,000 Size (Sq ft) Q G O D. A Rent ($) 2,000+ 0- 0 O A. For each increase of 1 square foot in space, the monthly rent is expected to increase by bo dollars. Apartments in this neighborhood cost at least b₁ dollars. OB. 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 bo dollars. Jo 34 · 2,000 Size (Sq ft) Q O

MATLAB: An Introduction with Applications
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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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 g 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. Comple parts (a) through (f). a. Construct a scatter plot. Choose the correct graph below. O A. 2,000 ★Rent ($) → 2,000 Size (sq ft) Q O B. ★Rent ($) 2,000+ to Monthly Rent ($) Size (Square Feet) 0 S 1.₂ 2,000 Size (Sq ft) Q Q □ b. Use the least-squares method to determine the regression coefficients bo and b₁. 900 1,600 825 1,450 1,900 975 1,825 1,300 900 1,200 1,050 1,200 1,900 700 1,350 1,100 bo = (Round to one decimal place as needed.) b₁ = (Round to one decimal place as needed.) c. Interpret the meaning of bo and b₁ in this problem. Choose the correct answer below. (---) O C. 2,000 A Rent ($) ·• 2,000 Size (Sq ft) Q Q O D. A Rent (S) 2,000+ 0- 0 O A. For each increase of 1 square foot in space, the monthly rent is expected to increase by bo dollars. Apartments in this neighborhood cost at least b₁ dollars. OB. For each increase of 1 square foot in space, the monthly rent is expected to increase by b₁ dollars. Apartments in this neighborhood cost at least bo dollars. 2,000 Size (Sq ft) Q
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 g 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. Comple parts (a) through (f). a. Construct a scatter plot. Choose the correct graph below. O A. 2,000 ★Rent ($) → 2,000 Size (sq ft) Q O B. ★Rent ($) 2,000+ to Monthly Rent ($) Size (Square Feet) 0 S 1.₂ 2,000 Size (Sq ft) Q Q □ b. Use the least-squares method to determine the regression coefficients bo and b₁. 900 1,600 825 1,450 1,900 975 1,825 1,300 900 1,200 1,050 1,200 1,900 700 1,350 1,100 bo = (Round to one decimal place as needed.) b₁ = (Round to one decimal place as needed.) c. Interpret the meaning of bo and b₁ in this problem. Choose the correct answer below. (---) O C. 2,000 A Rent ($) ·• 2,000 Size (Sq ft) Q Q O D. A Rent (S) 2,000+ 0- 0 O A. For each increase of 1 square foot in space, the monthly rent is expected to increase by bo dollars. Apartments in this neighborhood cost at least b₁ dollars. OB. For each increase of 1 square foot in space, the monthly rent is expected to increase by b₁ dollars. Apartments in this neighborhood cost at least bo dollars. 2,000 Size (Sq ft) Q
O C. For each increase of 1 square foot in space, the monthly rent is expected to increase by bo dollars. Since X cannot be zero, b₁ has no practical interpretation. O D. For each increase of 1 square foot in space, the monthly rent is expected to increase by b₁ dollars. Since X cannot be zero, bo has no practical interpretation. 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 $ (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. O B. The model predicts that the monthly rent for an apartment that has 500 square feet would be unrealistically low. O C. 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. O D. The correlation between an apartment's size and its monthly rent is too weak to use this model for such a prediction. f. Two people are considering signing a lease for an apartment in this neighborhood. They are trying to decide between two apartments, one with 1,000 square feet for a monthly rent of $1,275 and the other with 1,200 square feet for a monthly rent of $1,425. Based on (a) through (d), which apartment is a better deal? Based on (a) through (d), the apartment with square feet is the better deal.
Transcribed Image Text:O C. For each increase of 1 square foot in space, the monthly rent is expected to increase by bo dollars. Since X cannot be zero, b₁ has no practical interpretation. O D. For each increase of 1 square foot in space, the monthly rent is expected to increase by b₁ dollars. Since X cannot be zero, bo has no practical interpretation. 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 $ (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. O B. The model predicts that the monthly rent for an apartment that has 500 square feet would be unrealistically low. O C. 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. O D. The correlation between an apartment's size and its monthly rent is too weak to use this model for such a prediction. f. Two people are considering signing a lease for an apartment in this neighborhood. They are trying to decide between two apartments, one with 1,000 square feet for a monthly rent of $1,275 and the other with 1,200 square feet for a monthly rent of $1,425. Based on (a) through (d), which apartment is a better deal? Based on (a) through (d), the apartment with square feet is the better deal.
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