Construct a scatter plot, Construct a scatter plot. Use the

Construct a scatter plot

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Reference no: EM13105807

a) Construct a scatter plot
b) Use the least squares method to fit a regression line. Interpret the meaning of the coefficients.
c) Interpret the coefficient of determination, coefficient of correlation and standard error of the estimate
d) Forecast the mean rent for an apartment that has 1000 sq feet
e) Why would it not be appropriate to use the model to predict the monthly rent for apartments that have 500 square feet?
f) Your friends Khalil and Maya are considering signing a lease for an apartment in this residential neighbourhood. They are trying to choose between two apartments one with 1000 square feet for a monthly rent of $1275 and the other with 1200 square feet for a monthly rent of $1425. Which apartment do you think is better? Describe clearly

Reference no: EM13105807

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