A rental management executive has collected data on square footage and monthly rental fee for 80 apartments in her city. The data are in file XR02045. Considering square footage as the independent variable and monthly rental fee as the dependent variable:
a. Generate a scatter diagram that includes the best-fit linear equation for these data.
b. Does there appear to be any relationship between the variables? If so, is the relationship direct or inverse?
c. Interpret the slope of the equation generated in part (a).
d. Viewing the scatter diagram and equation in part (a), do you think there are any apartments that seem to have an unusually high or an unusually low rental fee compared to what would be predicted for an apartment of their size? Are there any variables that are not included in the data that might help explain such a differential? If so, what might they be?