Answered: An agent for a residential real estate…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. 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 an apartment, as defined by square footage. The agent selects a sample of 25 apartments in a particular residential neighborhood and gathers the following data: (pic) a. Construct a scatter plot. b. Use the least-squares method to determine the regression coefficients b0 and b1

Rent
Size (Square Feet)
950
850
1,600
1,450
1,200
1,085
1,232
718
1,500
950
1,700
1,650
1,485
1,136
726
935
875
700
1,150
1,400
956
1,100
1,285
1,650
2,300
1,800
1,985
1,400
1,450
1,100
1,700
1,200
1,369
1,175
1,225
1,245
1,259
1,150
896
1,150
1,600
1,650
1,200
800
1,361
1,040
755
1,000
1,200
1,750

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