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An agent for a real estate company in a large city would like to be able to predict the monthly rental cost for apartments, based on the size of the apartment, as defined by square footage. A sample of eight apartments in a neighborhood was selected, and the information gathered revealed the data shown below. For these data, the regression coefficients are bo = 243.5564 and by = 0.9700. Complete parts (a) through (d). Monthly Rent ($) Size (Square Feet) 925 1,600 825 1,550 1,950 925 750 1,250 1,050 1,200 1,900 700 1,750 1,250 - 1,300 950 a. Determine the coefficient of determination, and interpret its meaning, 2-(Round to three decimal places as needed) What is the meaning of 2 OA. measures the proportion of variation in monthly rent that can be explained by the variation in apartment size. OB. Z measures the proportion of variation in apartment size that cannot be explained by the variation in monthly rent OC. Z measures the proportion of variation in monthly rent that cannot be explained by the variation in apartment size OD Z measures the proportion of variation in apartment size that can be explained by the variation in monthly rent b. Determine the standard error of the estimate, Syx, and interpret its meaning Syx=(Round to three decimal places as needed.) What is the meaning of Syx? An agent for a real estate company in a large city would like to be able to predict the monthly rental cost for apartments, based on the size of the apartment, as defined by square footage. A sample of eight apartments in a neighborhood was selected, and the information gathered revealed the data shown below. For these data, the regression coefficients are bo-2435564 and b =0.9700. Complete parts (a) through (d). Monthly Rent (5) 925 1,600 825 1,550 1.950 925 1,750 1250 Size (Square Feet) 750 1,250 1,050 1,200 1,900 700 1,300 950 What is the meaning of Sex? O A. Syx measures the typical difference between an apartment's size and the size predicted by the regression equation OB. Syx measures the typical difference between an apartment's actual rent and the rent predicted by the regression equation OC. Syx measures the amount by which an apartment's rent is greater than the rent predicted by the regression equation OD. Syx measures the amount by which an apartment's rent is less than the rent predicted by the regression equation. c. How useful is this model for predicting the monthly rent? OA It is not very useful for predicting the monthly rent because although is close to 1, Syx is fairly small compared to the actual rents OB It is not very useful for predicting the monthly rent because is close to and Syx is fairly small compared to the actual rents. OC. It is very useful for predicting the monthly rent because is close to 1 and Syx is fairly small compared to the actual rents OD. It is very useful for predicting the monthly rent becauser is close to 1. Syx does not indicate whether a regression model is useful d. What other variables might explain the variation in monthly rent? Select all that apply NA Mathrine leht An agent for a real estate company in a large city would like to be able to predict the monthly rental cost for apartments, based on the size of the apartment, as defined by square footage. A sample of eight apartments in a neighborhood was selected, and the information gathered revealed the data shown below. For these data, the regression coefficients are bo 243 5564 and by = 0.9700. Complete parts (a) through (d) Monthly Rent (5) 925 1,600 825 1,550 1,950 9251,750 1,250 Size (Square Feet) 750 1.250 1,050 1,200 1,900 700 1,300 950 OD. Syx measures the amount by which an apartment's rent is less than the rent predicted by the regression equation c. How useful is this model for predicting the monthly rent? OA. It is not very unetul for predicting the monthly rent because although 12 is close to 1, Srx is tally small compared to the actual rents OB. It is not very useful for predicting the monthly rent because rain close to and Syx is fairly smal compared to the actual tents. OC. It is very useful for predicting the monthly rent because is close to 1 and Syx is fairly small compared to the actual conto OD. It is very useful for predicting the monthly rent because 2 is close to 1. Syx does not indicate whether a regression model is wetul. d. What other variables might explain the variation in monthly rent? Select all that apply A. Whether parking is available to tenants B. The desirability of the apartment building's location C. The presence or absence of carpeting in the apartment D. The condition of the apartment E. Whether tenants are allowed to keep pets Click to select your answer(s)