Question

This dataset includes the annual prices of 223 commercial leases. All of these leases provide office space in a Midwestern city in the United States. For the response, use the cost of the lease per square foot. As the explanatory variable, use the reciprocal of the number of square feet.
(a) Give a 95% confidence interval for the fixed cost (the portion of the cost that does not change with the size of the lease) of these leases, along with a brief interpretation.
(b) Give a 95% confidence interval for the variable cost (the cost determined by the number of square feet) of these leases, along with a brief interpretation.
(c) How much might a company pay, per square foot, for a specific lease with 15,000 square feet in this metropolitan area? Give a range, rounded appropriately, to show to management.
(d) How much in total might the company pay for a 15,000-square-foot lease? Give a range, rounded appropriately, to show to management.


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  • CreatedJuly 14, 2015
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