An agent for a residential real estate company in a suburb located outside of Washington,DC

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An agent for a residential real estate company in a suburb located outside of Washington,DC, has the business objective of developing more accurate estimates of the monthly rental cost for apartments. Toward that 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 48 apartments in a particular residential neighborhood and collects the following data:


Data for 13.9


Size (Square feet)

Rent ($)

524

1110

616

1175

666

1190

830

1410

450

1210

550

1225

780

1480

815

1490

1070

1495

610

1680

835

1810

660

1625

590

1469

675

1395

744

1150

820

1140

912

1220

628

1434

645

1519

840

1105

800

1130

804

1250

950

1449

800

1168

787

1224

960

1391

750

1145

690

1093

840

1353

850

1530

965

1650

1060

1740

665

1235

775

1550

960

1545

827

1583

655

1575

535

1310

625

1195

749

1200

634

1185

641

1444

860

1385

740

1275

593

1050

880

1650

895

1340

692

1560


Use the least-squares method to determine the regression coefficients b0 and b1,,,

You may use Minitab/ Excel for all of your calculations for all the problems, but must attach the relevant output (Minitab or Excel);

b. Use the least-squares method to determine the regression coefficients b0 and b1

    • 6 years ago
    An agent for a residential real estate company in a suburb located outside of Washington,DC
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