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Determine the regression coefficients b0 and b1

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Reference no: EM13922828

An agent for a residential real estate company 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 (stored in rent)

a. Construct a scatter plot.

b. Use the least-squares method to determine the regression coefficients b0 and b1

c. Interpret the meaning of b0 and b1 in this problem.

d. Predict the monthly rent for an apartment that has 1,000 square feet

Rent Size
950 850
1600 1450
1200 1085
1500 1232
950 718
1700 1485
1650 1136
935 726
875 700
1150 956
1400 1100
1650 1285
2300 1985
1800 1369
1400 1175
1450 1225
1100 1245
1700 1259
1200 1150
1150 896
1600 1361
1650 1040
1200 755
800 1000
1750 1200

24_chart.png

Reference no: EM13922828

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