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

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

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An agent for a residential 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 an apartment, as defined by square footage. The agent selects a sample of 25 apartments in a particular residential neighborhood and gathers the data belowApartment: Monthly Rent: Size: 1 950 8502 1600 14503 1200 10854 1500 12325 950 7186 1700 14857 1650 11368 935 7269 875 70010 1150 95611 1400 110012 1650 128513 2300 198514 1800 136915 1400 1175 16 1450 122517 1100 124518 1700 125919 1200 115020 1150 89621 1600 136122 1650 104023 1200 75524 800 100025 1750 1200a. construct a scatter plotb. use the least squares method to determine the regression coefficients b0 and b1c. interpret the meaning of b0 and b1 in this problemd. predict the monthly rent for an apartment that has 1,000 square feete. why would it not be appropriate to use the model to predict the monthly rent for apartments that have 500 square feet?f. your friends jim and Jennifer are considering signing a lease for an apartment in this residential neighborhood. They are trying to decide between two apartments, one with 1,000 square feet for a monthly rent of $1,275 and the other with 1,200 square feet for a monthly rent of $1,425. Based on (a) through (d), which apartment do you think is a better deal? 

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