Finding correlation between rental cost and apartment size

Reference no: EM1321903

Q1) Agent for residential real estate company in large city would like to be able to forecast monthly rental cost of apartments based on size of apartment. At.05 level of significance determine if correlation between rental cost and apartment size is significant.

i) No, there is not statistically significant linear relationship between monthly rental cost and apartment size, as the sample correlation coefficient is less than .95.

ii) Yes, there is a statistically significant linear relationship between monthly rental cost and apartment size, as p-value for this test is less than .0001.

iii) Yes, there is a statistically significant linear relationship between monthly rental cost and apartment size, as t-test value, 7.74, is greater than critical value 1.96.

iv) Yes, there is a statistically significant linear relationship between monthly rental cost and apartment size, as sample correlation coefficient 0.85 exceeds 0.50.

Q2) Survey of 85 families illustrated that 36 owned at least one DVD player. Determine 99% confidence interval estimate of true proportion of families who own at least on DVD player.

Lower limit (first blank) = __________, Upper limit (second blank) = ___________.

Reference no: EM1321903

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