Statistics homework help. Practice quiz.
Two variable relationships
- 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 as defined by square footage. A sample of 20 apartments in a particular residential neighborhood was selected and the data are given below.
- Construct a scatterplot and include a title and axis labels.
- Calculate the regression equation. Write out empirical equation representing the relationship between square feet and price of an apartment rental.
- Interpret the meaning of the intercept (a) and the slope coefficient (b) in your equation you calculated in b. You must be very specific (labeling slope and y intercept is not an acceptable interpretation).
- Predict the mean monthly rent for an apartment that has 1000 square feet.
- Using the printout from your regression equation (see Part 2 on the In Lab exercise regression analysis sheet) please determine if the slope coefficient is statistically different from zero.
- 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 1000 square feet for a monthly rent of $1,175 and the other with 1200 square feet for a monthly rent of $1525. Based on your statistical analysis above (parts a-e), what would you recommend to them? Explain why.
To complete question #1, you need to turn in the excel printout of the scatterplot, and the regression equation. Cutting and pasting these into a word document would be best.
- (5 points) Suppose you were given from a data set the following information:
|Mean of X||45|
|Mean of Y||200|
|Standard deviation of X||12|
|Standard deviation of Y||35|
Calculate the regression line using the data above. (Find both the intercept and the slope).
|(in Square feet)||(in $)|
Data for Question #1: