Reference no: EM131599686

Joan Newman has collected the following data relative to housing and university enrollment. Semester University Enrollment (thousands) Average Lease price ($ per month) Number of Units Leased 1 7.2 $450 291 2 6.3 $460 228 3 6.7 $450 252 4 7.0 $470 265 5 6.9 $440 270 6 6.4 $430 240 7 7.1 $460 288 8 6.7 $440 246 Your work must reflect the correct independent and dependent variables based on the problem statements. This is part of the solution that is required. Provide your forecasts to one decimal place ($xxx.x). a) Joan believes that there is a linear relationship between university enrollment and the number of apartment units leased based only on university enrollment. What is this regression relationship and what is the forecast of apartments leased if the enrollment is expected to be 6,600 students? How strong is this relationship? b) Now, Joan wants to forecast the number of apartments leased based only on the average lease price. What is this regression relationship and what is your forecast if the average lease price is to be $455? How strong is this relationship? c) It is believed that the university enrollment changes only with time. So, Joan decides to use a linear regression model to forecast the enrollment for semester 10. What would the forecast for the enrollment be? Also, what is your confidence in this relationship, in other words, how strong is the relationship?