An agent for a residential real estate company in a suburb located outside of Washington,DC, 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 48 apartments in a particular residential neighborhood and collects the following data:
Data for 13.9
Size (Square feet)
Rent ($)
524
1110
616
1175
666
1190
830
1410
450
1210
550
1225
780
1480
815
1490
1070
1495
610
1680
835
1810
660
1625
590
1469
675
1395
744
1150
820
1140
912
1220
628
1434
645
1519
840
1105
800
1130
804
1250
950
1449
800
1168
787
1224
960
1391
750
1145
690
1093
840
1353
850
1530
965
1650
1060
1740
665
1235
775
1550
960
1545
827
1583
655
1575
535
1310
625
1195
749
1200
634
1185
641
1444
860
1385
740
1275
593
1050
880
1650
895
1340
692
1560
Use the least-squares method to determine the regression coefficients b0 and b1,,,
You may use Minitab/ Excel for all of your calculations for all the problems, but must attach the relevant output (Minitab or Excel);
b. Use the least-squares method to determine the regression coefficients b0 and b1