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 ($)9251,5508001,4501,9509501,8001,300 Size (Square Feet)8001,3501,0501,1002,0006501,300950 . Construct a scatter plot. Choose the correct graph below. A. 02,00002,000Size (sq ft)Rent ($) A scatter plot has a horizontal axis labeled Size (in square feet) from 0 to 2000 in increments of 400 and a vertical axis labeled Rent ($) from 0 to 2000 in increments of 400. A series of plotted points are clustered around a line that falls from left to right passing through the points (800,1200) and (1200,1000). All coordinates are approximate. B. 02,00002,000Size (Sq ft)Rent ($) A scatter plot has a horizontal axis labeled Size (in square feet) from 0 to 2000 in increments of 400 and a vertical axis labeled Rent ($) from 0 to 2000 in increments of 400. A series of plotted points are clustered around a line that rises from left to right passing through the points (1200,1400) and (1600,1700). All coordinates are approximate. C. 02,00002,000Size (Sq ft)Rent ($) A scatter plot has a horizontal axis labeled Size (in square feet) from 0 to 2000 in increments of 400 and a vertical axis labeled Rent ($) from 0 to 2000 in increments of 400. A series of plotted points fall exactly on a line that falls from left to right, where the points range from (650,1500) to (2,000,500). All coordinates are approximate. D. 02,00002,000Size (Sq ft)Rent ($) A scatter plot has a horizontal axis labeled Size (in square feet) from 0 to 2000 in increments of 400 and a vertical axis labeled Rent ($) from 0 to 2000 in increments of 400. A series of plotted points fall exactly on a line that rises from left to right, where the points range from (650,650) to (2,000,2000). All coordinates are approximate. b. Use the least-squares method to determine the regression coefficientsb0andb1. b0=enter your response here(Round to one decimal place as needed.)b1=enter your response here(Round to one decimal place as needed.)c. Interpret the meaning ofb0andb1in this problem. Choose the correct answer below. A.For each increase of 1 square foot in space, the monthly rent is expected to increase byb0 dollars.Since X cannot be zero,b1has no practical interpretation. B.For each increase of 1 square foot in space, the monthly rent is expected to increase byb1 dollars.Since X cannot be zero,b0has no practical interpretation. C.For each increase of 1 square foot in space, the monthly rent is expected to increase byb0 dollars.Apartments in this neighborhood cost at least b1 dollars. D.For each increase of 1 square foot in space, the monthly rent is expected to increase byb1 dollars.Apartments in this neighborhood cost at least

Question

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​ ($)9251,5508001,4501,9509501,8001,300 Size​ (Square Feet)8001,3501,0501,1002,0006501,300950  . Construct a scatter plot. Choose the correct graph below.  A.   02,00002,000Size (sq ft)Rent ($)    A scatter plot has a horizontal axis labeled Size (in square feet) from 0 to 2000 in increments of 400 and a vertical axis labeled Rent ($) from 0 to 2000 in increments of 400. A series of plotted points are clustered around a line that falls from left to right passing through the points (800,1200) and (1200,1000). All coordinates are approximate. B.   02,00002,000Size (Sq ft)Rent ($)    A scatter plot has a horizontal axis labeled Size (in square feet) from 0 to 2000 in increments of 400 and a vertical axis labeled Rent ($) from 0 to 2000 in increments of 400. A series of plotted points are clustered around a line that rises from left to right passing through the points (1200,1400) and (1600,1700). All coordinates are approximate. C.   02,00002,000Size (Sq ft)Rent ($)    A scatter plot has a horizontal axis labeled Size (in square feet) from 0 to 2000 in increments of 400 and a vertical axis labeled Rent ($) from 0 to 2000 in increments of 400. A series of plotted points fall exactly on a line that falls from left to right, where the points range from (650,1500) to (2,000,500). All coordinates are approximate. D.   02,00002,000Size (Sq ft)Rent ($)    A scatter plot has a horizontal axis labeled Size (in square feet) from 0 to 2000 in increments of 400 and a vertical axis labeled Rent ($) from 0 to 2000 in increments of 400. A series of plotted points fall exactly on a line that rises from left to right, where the points range from (650,650) to (2,000,2000). All coordinates are approximate. b. Use the​ least-squares method to determine the regression coefficientsb0andb1. b0=enter your response here​(Round to one decimal place as​ needed.)b1=enter your response here​(Round to one decimal place as​ needed.)c. Interpret the meaning ofb0andb1in this problem. Choose the correct answer below.  A.For each increase of 1 square foot in​ space, the monthly rent is expected to increase byb0 dollars.Since X cannot be​ zero,b1has no practical interpretation. B.For each increase of 1 square foot in​ space, the monthly rent is expected to increase byb1 dollars.Since X cannot be​ zero,b0has no practical interpretation. C.For each increase of 1 square foot in​ space, the monthly rent is expected to increase byb0 dollars.Apartments in this neighborhood cost at least b1 dollars. D.For each increase of 1 square foot in​ space, the monthly rent is expected to increase byb1 dollars.Apartments in this neighborhood cost at least

Accepted Answer

The data shows the size of an​ apartment, as defined by square footage to predict the monthly rental…

Monthly Rent ($)	925	1,550	800	1,450	1,950	950	1,800	1,300
Size (Square Feet)	800	1,350	1,050	1,100	2,000	650	1,300	950