A realty group would like to develop a regression model to help it set weekly rental...

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A realty group would like to develop a regression model to help it set weekly rental rates (y) for beach properties during the summer season. The independent variables for this model are the number of bedrooms a property has (X1), its age in years (X2), and the number of blocks away from the ocean the property is (X3). Use the data provided to complete parts a through e below. Click the icon to view the data for randomly selected rental properties. Data for rental properties ... a) Construct a regression model using all three independent variables. = (2228) + (692.5) + ( 192.3") 2 + ( 1747.4") 3 (Round the constant term to the nearest integer. Round the coefficients of X1, X2, and x3 to one decimal place as needed.) b) Interpret the meaning of the regression coefficients. Select the correct choice below and, if necessary, fill in the answer boxes within your choice. (Round to the nearest dollar as needed.) A. Each additional bedroom decreases the weekly rental rate by $ Each additional year of age decreases the weekly rental rate by $ B. Each additional bedroom increases the weekly rental rate by $ 692. Each additional year of age increases the weekly rental rate by $ 192. Each additional block from the C. There is no meaningful interpretation of the regression coefficients for this application. c) Predict the average weekly rental rate for a four-bedroom house that is 5 years old and one block from the ocean. = $ 4212 (Round to the nearest dollar as needed.) d) Construct a 95% confidence interval for the average weekly rental rate for a house described in part c. Interpret the meaning of the interval. The 95% confidence interval is from a lower limit of 2,609 dollars to an upper limit of 5,814 dollars. (Round to the nearest dollar as needed.) Interpret the meaning of the interval. Choose the correct answer below Rental ($) Bedrooms Age 875 2 1175 3 1500 3 1900 4 2300 6 3200 5 5000 Each additional block from the be 2250 2700 3000 4000 5000 6500 8000 1300 2000 2800 3400 4000 4500 5400 8000 10,500 55344355244445656 9 11 9 11 9 122702053427272526622722 Blocks 3 3 1.5 2.5 1.5 1.5 1.5 2.5 2.5 2555555 1 2 1 1 3 2.5 2 1 1.5 1.5 1.5 52255 Print Done A. The average weekly rental rate for a four-bedroom house that is 5 years old and one block from the ocean is between the lower and upper limits of the 95% confidence int B. It can be stated with 95% confidence that the average weekly rental rate for a four-bedroom house that is 5 years old and one block from the ocean is between the lower a C. The weekly rental rate for a particular four-bedroom house that is 5 years old and one block from the ocean is between the lower and upper limits of the 95% confidence in D. It can be stated with 95% confidence that the weekly rental rate for a particular four-bedroom house that is 5 years old and one block from the ocean is between the lower e) Construct a 95% prediction interval for the average weekly rental rate for a house described in part c, that is, a four-bedroom house that is 5 years old and one block from the ocean. Interpret the meaning of the interval. The 95% prediction interval is from a lower limit of dollars to an upper limit of dollars. (Round to the nearest dollar as needed.) A realty group would like to develop a regression model to help it set weekly rental rates (y) for beach properties during the summer season. The independent variables for this model are the number of bedrooms a property has (X1), its age in years (X2), and the number of blocks away from the ocean the property is (X3). Use the data provided to complete parts a through e below. Click the icon to view the data for randomly selected rental properties. Data for rental properties ... a) Construct a regression model using all three independent variables. = (2228) + (692.5) + ( 192.3") 2 + ( 1747.4") 3 (Round the constant term to the nearest integer. Round the coefficients of X1, X2, and x3 to one decimal place as needed.) b) Interpret the meaning of the regression coefficients. Select the correct choice below and, if necessary, fill in the answer boxes within your choice. (Round to the nearest dollar as needed.) A. Each additional bedroom decreases the weekly rental rate by $ Each additional year of age decreases the weekly rental rate by $ B. Each additional bedroom increases the weekly rental rate by $ 692. Each additional year of age increases the weekly rental rate by $ 192. Each additional block from the C. There is no meaningful interpretation of the regression coefficients for this application. c) Predict the average weekly rental rate for a four-bedroom house that is 5 years old and one block from the ocean. = $ 4212 (Round to the nearest dollar as needed.) d) Construct a 95% confidence interval for the average weekly rental rate for a house described in part c. Interpret the meaning of the interval. The 95% confidence interval is from a lower limit of 2,609 dollars to an upper limit of 5,814 dollars. (Round to the nearest dollar as needed.) Interpret the meaning of the interval. Choose the correct answer below Rental ($) Bedrooms Age 875 2 1175 3 1500 3 1900 4 2300 6 3200 5 5000 Each additional block from the be 2250 2700 3000 4000 5000 6500 8000 1300 2000 2800 3400 4000 4500 5400 8000 10,500 55344355244445656 9 11 9 11 9 122702053427272526622722 Blocks 3 3 1.5 2.5 1.5 1.5 1.5 2.5 2.5 2555555 1 2 1 1 3 2.5 2 1 1.5 1.5 1.5 52255 Print Done A. The average weekly rental rate for a four-bedroom house that is 5 years old and one block from the ocean is between the lower and upper limits of the 95% confidence int B. It can be stated with 95% confidence that the average weekly rental rate for a four-bedroom house that is 5 years old and one block from the ocean is between the lower a C. The weekly rental rate for a particular four-bedroom house that is 5 years old and one block from the ocean is between the lower and upper limits of the 95% confidence in D. It can be stated with 95% confidence that the weekly rental rate for a particular four-bedroom house that is 5 years old and one block from the ocean is between the lower e) Construct a 95% prediction interval for the average weekly rental rate for a house described in part c, that is, a four-bedroom house that is 5 years old and one block from the ocean. Interpret the meaning of the interval. The 95% prediction interval is from a lower limit of dollars to an upper limit of dollars. (Round to the nearest dollar as needed.)