Jersey Shore Realtors would like to develop a regression model to help the firm set weekly rental rates for beach properties during the summer season in New Jersey. The independent variables for this model will be the size of the property in square feet, the number of bedrooms and bathrooms it has, and its age. These data can be found in the Excel file Jersey Shore Realtors 3. xlsx for randomly selected rental properties.

a. Using PH_Stat, check for the presence of multicollinearity.

b. If multicollinearity is present, take the necessary steps to eliminate it.

c. Perform a best subsets regression and choose the most appropriate model for these data.

d. Identify the regression equation for the model in part c.

e. Perform a residual analysis with the model in part c to verify that the conditions for the model are met.