Regression

Feb 3rd, 2012
Studypool Tutor
California Institute of Technology
Course: operations management
Price: $5 USD

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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 the apartment in square footage. Data was gathered from a sample of 25 apartments in a particular residential neighborhood and an ordinary least squares regression was run. The sample rents range from $875 to $2,300 and the sample sizes range from 800 to 1,985 square feet. The output from the Excel regression is provided in the attachment. 1. Write out the regression equation (with the calculated coefficient estimates). 2. Interpret the meaning of b0 and b1 in this problem 3. What is the coefficient of determination (r2) and what does it tell you about the model? 4. At the 0.05 level of significance, is there evidence of a linear relationship between apartment rent and square footage? Explain. 5. You are considering signing a lease for an apartment in the same neighborhood. The apartment has 1000 square feet and the rent is $1

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