Posted: March 28th, 2020

An agent for a residential real estate company in a large city

An agent for a residential precise property agency in an enormous metropolis would like to have the flexibility to foretell the month-to-month rental worth for residences, based on the size of an condominium, as outlined by sq. footage. The agent selects a sample of 25 flats in a particular residential neighborhood and gathers the data beneath

Condominium: Month-to-month Lease: Measurement: 
1 950 850
2 1600 1450
three 1200 1085
4 1500 1232
5 950 718
6 1700 1485
7 1650 1136
eight 935 726
9 875 700
10 1150 956
11 1400 1100
12 1650 1285
13 2300 1985
14 1800 1369
15 1400 1175 
16 1450 1225
17 1100 1245
18 1700 1259
19 1200 1150
20 1150 896
21 1600 1361
22 1650 1040
23 1200 755
24 800 1000
25 1750 1200

a. assemble a scatter plot

b. use the least squares methodology to search out out the regression coefficients b0 and b1

c. interpret the which suggests of b0 and b1 on this downside

d. predict the month-to-month rent for an condominium that has 1,000 sq. toes

e. why would not it not be acceptable to utilize the model to predict the month-to-month rent for residences which have 500 sq. toes?

f. your of us jim and Jennifer are considering signing a lease for an condominium on this residential neighborhood. They’re attempting to find out between two flats, one with 1,000 sq. toes for a month-to-month rent of $1,275 and the other with 1,200 sq. toes for a month-to-month rent of $1,425. Based mostly totally on (a) by the use of (d), which condominium do you assume is a higher deal? 

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