Question

As an agent for a residential real estate company in a suburb located outside a major city has the business objective of developing more accurate estimates of the monthly rental cost for apartments. Toward the 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 8 one-bedroom apartments and the data are shown. Monthly Rent ($) 875 1,550 850 1,550 1,900 900 1,800 1,350 Size (Square Feet) 750 1,250 900 1,200 1,900 750 1,300 1,100 Use the least-squares method to determine regression coefficients b0 and b1. b0 = b1 = Interpret the meaning of b0 and b1. Predict the mean monthly rent for an apartment that has 1,000 square feet.

          As an agent for a residential real estate company in a suburb
located outside a major city has the business objective of
developing more accurate estimates of the monthly rental cost for
apartments. Toward the 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 8 one-bedroom
apartments and the data are shown.
Monthly Rent ($) 
875
1,550
850
1,550
1,900
900
1,800
1,350
Size (Square Feet)
750
1,250
900
1,200
1,900
750
1,300
1,100
Use the least-squares method to determine regression
coefficients b0 and b1. 
b0 = 
b1 = 
Interpret the meaning of b0 and b1.
Predict the mean monthly rent for an apartment that has 1,000
square feet.

Added by Gloria C.

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