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Determine the simple linear regression model for the rental and interpret the fitted model. Provide justifications to the conclusion you reach based on Figure 1. Determine and interpret the coefficient of determination, ². Ben and Helen are considering to rent a unit of a condominium. They are trying to decide between two condominium units, one with 1000 square metres for a monthly rental of RM1500 and the other with 1200 square metres for RM1800. Which condominium unit would you recommend to them?

Determine the simple linear regression model for the rental and interpret the fitted model. Provide justifications to the conclusion you reach based on Figure 1. Determine and interpret the coefficient of determination, ². Ben and Helen are considering to rent a unit of a condominium. They are trying to decide between two condominium units, one with 1000 square metres for a monthly rental of RM1500 and the other with 1200 square metres for RM1800. Which condominium unit would you recommend to them?

Linear Algebra: A Modern Introduction
Linear Algebra: A Modern Introduction
4th Edition
ISBN:9781285463247
Author:David Poole
Publisher:David Poole
Chapter7: Distance And Approximation
Section7.3: Least Squares Approximation
Problem 31EQ
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Determine the simple linear regression model for the rental and interpret the fitted model. Provide justifications to the conclusion you reach based on Figure 1. Determine and interpret the coefficient of determination, ². Ben and Helen are considering to rent a unit of a condominium. They are trying to decide between two condominium units, one with 1000 square metres for a monthly rental of RM1500 and the other with 1200 square metres for RM1800. Which condominium unit would you recommend to them?
Transcribed Image Text:Determine the simple linear regression model for the rental and interpret the fitted model. Provide justifications to the conclusion you reach based on Figure 1. Determine and interpret the coefficient of determination, ². Ben and Helen are considering to rent a unit of a condominium. They are trying to decide between two condominium units, one with 1000 square metres for a monthly rental of RM1500 and the other with 1200 square metres for RM1800. Which condominium unit would you recommend to them?
An agent from a property rental company would like to predict the monthly rental for condominium based on the size as defined in square metres. A sample of 25 condominiums was selected. Data is generated and the summary of outputs are shown in Table 1 and Figure 1. ANOVA df SS MS F 59.914 Significance F 7.52E-08 Regression Residual 1 2268776.545 2268777 23 870949.4547 37867.37 Total 24 3139726 Standard Error 161.00427 t Stat P-value Coefficients 177.1208 1.0651 1.100 Intercept Size 0.282 0.13760 7.740 7.52E-08 Table 1 Size Residual Plot 500 400 300 200 100 0 -100 -200 ◆ 1000 -300 -400 -500 Residuals 500 Size Figure 1 +500 2000 2500
Transcribed Image Text:An agent from a property rental company would like to predict the monthly rental for condominium based on the size as defined in square metres. A sample of 25 condominiums was selected. Data is generated and the summary of outputs are shown in Table 1 and Figure 1. ANOVA df SS MS F 59.914 Significance F 7.52E-08 Regression Residual 1 2268776.545 2268777 23 870949.4547 37867.37 Total 24 3139726 Standard Error 161.00427 t Stat P-value Coefficients 177.1208 1.0651 1.100 Intercept Size 0.282 0.13760 7.740 7.52E-08 Table 1 Size Residual Plot 500 400 300 200 100 0 -100 -200 ◆ 1000 -300 -400 -500 Residuals 500 Size Figure 1 +500 2000 2500
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