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An agent for a residential real estate company in a large city 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 25 apartments in a particular residential neighborhood and collects the following data:
Size (square feet) |
Rent ($) |
850 |
1950 |
1450 |
2600 |
1085 |
2200 |
1232 |
2500 |
718 |
1950 |
1485 |
2700 |
1136 |
2650 |
726 |
1935 |
700 |
1875 |
956 |
2150 |
1100 |
2400 |
1285 |
2650 |
1985 |
3300 |
1369 |
2800 |
1175 |
2400 |
1225 |
2450 |
1245 |
2100 |
1259 |
2700 |
1150 |
2200 |
896 |
2150 |
1361 |
2600 |
1040 |
2650 |
755 |
2200 |
1000 |
1800 |
1200 |
2750 |
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- Which of the following examples illustrates estimation? a. The actual percentage of unemployed Americans b. The percentages of Republicans and Democrats who closely follow controversial political news c. The actual average level of education in the United States d. The percentage of Americans who favor same-sex marriage as approximated by the Gallup organizationarrow_forwardCalculate the median percent of white persons living below poverty level. This will be the second columnarrow_forwardA 2017 USA Today article reports that NCAA football coaches’ salaries have continued to increase in recent years (USA Today). The annual base salaries for the previous head football coach and the new head football coach at 23 schools are given in the file Coaches a. Determine the median annual salary for a previous head football coach and a new head football coach. Previous Coach Median New Coach Median b. Compute the range for salaries for both previous and new head football coaches. Previous Coach New Coach c. Compute the standard deviation for salaries for both previous and new head football coaches. Round your answers to the nearest whole number. Previous Coach New Coacharrow_forward
- A statistics instructor asks each student in his classes to report how much the student spent on textbooks for the semester. The figures reported by students are shown below. 725 735 555 420 385 480 505 270 405 285 585 450 515 560 500 395 545 595 365 455 505 345 555 485 560 475 520 455 355 590 550 495 505 505 495 465 370 355 480 385 515 605 480 410 485 560 475 350 465 435 455 380 320 535 565 520 510 495 485 650 490 295 555 540 565 490 570 380 610 600 390 375 390 335 525 445 540 490 485 555 440 560 405 590 520 470 560 510 340 385 585 635 415 455 590 385 505 510 545 405 470 560 495 515 495 595 565 615 470 680 465 470 310 470 505 465 375 360 650 460 560 500 375 500 370 415 490 440 470 525 535 640 385 475 425 595 505 365 485 495 390 380 585 690arrow_forwardFor the data described, identify the level of measurement as nominal, ordinal, interval, or ratio. The years that different companies were started.arrow_forwardConsider the following box and whisker plot. Find the indicated values of the represented data. 16 38 64 78 90 18 28 30 48 50 60 78 80 98 100 Third quartile Maximum.arrow_forward
- Show the five-number summary and the box plot for the following data: 5, 15, 18, 10, 8,12, 16, 10, 6.arrow_forwardThe following data represent the inventory figures for 55-gallon fish tanks at an aquarium. 55-Gallon Fish Tanks Inventory Amount January 1 Beginning Inventory 46 units @ $38.00 March 12 Purchase 70 units @ $36.50 July 19 Purchase 135 units @ $39.70 September 2 Purchase 65 units @ $41.75 Fish Tanks Available for Sale: Cost of Tanks Available for Sale: (a) How many fish tanks did the aquarium have available for sale? fish tanks (b) Calculate the total cost (in $) of the tanks available for sale. $ (c) If physical inventory on December 31 showed 88 tanks on hand, calculate their dollar value by using FIFO. $ (d) Calculate the value of the 88 tanks by using LIFO (in $). $ (e) Calculate the dollar value of the 88 tanks by using the average cost method (Round your answer to the nearest cent). $arrow_forwardAn agent for a residential real estate company in a suburb located outside a major city has the business objective of developing more accurate estimates of the monthly rental cost for apartments. Toward the goal, the agent would like to use the size of an apartment, as defined by square footage to predict the monthly rental cost. The agent selects a sample of 8 one-bedroom apartments and the data are shown. Complete parts (a) through (f). 950 1,500 800 1,450 1,900 925 1,800 1,350 e Monthly Rent ($) Size (Square Feet) 750 1,250 900 1,250 2,000 750 1,300 1,050 A. O A. O B. OC. OD. ARent ($) 2,000- ARent (S) Rent ($) A 2,000- ARent (S) 2,000- 2,000- 0- 0+ 2,000 Size (sq ft) 2,00 Size (Sq ft) 2,000 Size (Sq ft) 2,000 Size (Sq ft) b. Use the least-squares method to determine the regression coefficients b, and b,. b, = (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. O…arrow_forward
- The value of a certain car when it was brand new with 0 mileage was $17,000 but the value dropped to $4,000 when the car acounulated 80,000 miles shown in the scatter plot below. Car's Mleage and Value S17.000 $2,000 Mileage Based on the data in the scatter plot, at what mileage was the car worth about $12,000? O 20,000 miles O 30,000 miles O 60,000 miles O 80,000 milesarrow_forwardplease provide a clear solution and answer within 30 minutes, thank you!arrow_forwardData were gathered from two groups and displayed in the line plots. Data Set A Data Set Barrow_forward
- MATLAB: An Introduction with ApplicationsStatisticsISBN:9781119256830Author:Amos GilatPublisher:John Wiley & Sons IncProbability and Statistics for Engineering and th...StatisticsISBN:9781305251809Author:Jay L. DevorePublisher:Cengage LearningStatistics for The Behavioral Sciences (MindTap C...StatisticsISBN:9781305504912Author:Frederick J Gravetter, Larry B. WallnauPublisher:Cengage Learning
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