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 the data shown below. For these data, the regression coefficients are bo 164.8403 and b, 0.9900 Complete parts (a) through (d). Monthly Rent ($) 875 1,550 800 1,450 1,900 900 1,700 1,400 Size (Square Feet) 800 1,300 1,050 1,100 1,900 750 1,350 1,100 a. Determine the coefficient of determination, r2, and interpret its meaning (Round to three decimal places as needed.)
An agent for a real estate company in a large city would like to be able to predict the monthly rental cost for apartments, based on the size of the apartment, as defined by square footage A sample of eight apartments in a neighborhood was selected, and the information gathered revealed the data shown below. For these data, the regression coefficients are bo 164.8403 and b, 0.9900 Complete parts (a) through (d). Monthly Rent ($) 875 1,550 800 1,450 1,900 900 1,700 1,400 Size (Square Feet) 800 1,300 1,050 1,100 1,900 750 1,350 1,100 a. Determine the coefficient of determination, r2, and interpret its meaning (Round to three decimal places as needed.)
Chapter4: Linear Functions
Section: Chapter Questions
Problem 40RE: For the following exercises, consider the data in Table 5, which shows the percent of unemployed ina...
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Transcribed Image Text: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 the data shown below. For these data, the regression coefficients are bo 164.8403 and b₁ = 0.9900 Complete parts (a)
through (d).
875 1,550 800 1,450 1,900 900 1,700 1,400
Monthly Rent ($)
Size (Square Feet)
800 1,300 1,050 1,100 1,900 750 1,350 1,100
a. Determine the coefficient of determination, 2, and interpret its meaning.
2=(Round to three decimal places as needed.)
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