An agent for a real estate company in a large city would like to be able to predict the monthly rental cost for apartments, based on the size of the apartment, as defined by square footage. A sample of eight apartments in a neighborhood was selected, and the information gathered revealed th coeficients are b, = 59.1601 and b, =1.1177. Complete parts (a) through (d). Monthly Rent ($) Size (Square Feet) 900 1,200 1,050 1,150 1,800 950 1,500 850 1,450 1,950 900 1,700 1,400 750 1.250 1.050 a. Determine the coefficient of determination, , and interpret its meaning - (Round to three decimal places as needed.) What is the meaning of r? OA. measures the proportion of variation in monthly rent that cannot be explained by the variation in apartment size. O B. r measures the proportion of variation in apartment size that cannot be explained by the variation in monthly rent. Oc. P measures the proportion of variation in apartment size that can be explained by the variation in monthly rent O D. r measures the proportion of variation in monthly rent that can be explained by the variation in apartment size. b. Determine the standard error of the estimate, Syx Sx = (Round to three decimal places as needed.) c. How useful is this model for predicting the monthly rent? OA. It is very useful for predicting the monthly rent because is close to 1. Sx does not indicate whether a regression model is useful. OB. It is not very useful for predicting the monthly rent because although is close to 1, Sx is fairly small compared to the actual rents. OC. t is not very useful for predicting the monthly rent because is close to 0 and Sx is fairly small compared to the actual rents. OD. It is very useful for predicting the monthly rent because is close to 1 and Sx is fairly small compared to the actual rents. d. What other variables might explain the variation in monthly rent? Select all that apply. O A. Whether parking is avalable to tenants O B. The presence or absence of carpeting in the apartment OC. The desirability of the apartment building's location O D. Whether tenants are allowed to keep pets NE. The condition of the apartment

An agent for a real estate company in a large city would like to be able to predict the monthly rental cost for apartments, based on the size of the apartment, as defined by square footage. A sample of eight apartments in a neighborhood was selected, and the information gathered revealed th coeficients are b, = 59.1601 and b, =1.1177. Complete parts (a) through (d). Monthly Rent ($) Size (Square Feet) 900 1,200 1,050 1,150 1,800 950 1,500 850 1,450 1,950 900 1,700 1,400 750 1.250 1.050 a. Determine the coefficient of determination, , and interpret its meaning - (Round to three decimal places as needed.) What is the meaning of r? OA. measures the proportion of variation in monthly rent that cannot be explained by the variation in apartment size. O B. r measures the proportion of variation in apartment size that cannot be explained by the variation in monthly rent. Oc. P measures the proportion of variation in apartment size that can be explained by the variation in monthly rent O D. r measures the proportion of variation in monthly rent that can be explained by the variation in apartment size. b. Determine the standard error of the estimate, Syx Sx = (Round to three decimal places as needed.) c. How useful is this model for predicting the monthly rent? OA. It is very useful for predicting the monthly rent because is close to 1. Sx does not indicate whether a regression model is useful. OB. It is not very useful for predicting the monthly rent because although is close to 1, Sx is fairly small compared to the actual rents. OC. t is not very useful for predicting the monthly rent because is close to 0 and Sx is fairly small compared to the actual rents. OD. It is very useful for predicting the monthly rent because is close to 1 and Sx is fairly small compared to the actual rents. d. What other variables might explain the variation in monthly rent? Select all that apply. O A. Whether parking is avalable to tenants O B. The presence or absence of carpeting in the apartment OC. The desirability of the apartment building's location O D. Whether tenants are allowed to keep pets NE. The condition of the apartment

Name: An agent for a real estate company in a large city would like to be a
Uploaded: 2024-03-20T07:07:26.000Z
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Description: An agent for a real estate company in a large city would like to be able to predict the monthly rental cost for apartments, based on the size of the apartment, as defined by square footage. A sample of eight apartments in a neighborhood was selected