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Chapter 13 Homework Question 3, 13.2.9-T HW Score: 53.3%, 8 of 15 points Part 5 of 7 Points: 0.14 of 1 Save An agent for a residential real estate company in a suburb located outside a major city has the business objective of developing more accurate estimates of the monthly rental cost for apartments. Toward the goal, the agent would like to use the size of an apartment, as defined by square footage to predict the monthly rental cost. The agent selects a sample of 8 one-bedroom apartments and the data are shown. Complete parts (a) through (f). Monthly Rent ($) 875 1,600 850 1,450 1,900 950 1,700 1,300 Size (Square Feet) 800 1,250 950 1,150 1,900 650 1,350 950 2,000 Size (Sq ft) Size (Sq ft) Size (sq ft) Size (Sq ft) b. Use the least-squares method to determine the regression coefficients bo and by . bo = 288.7 (Round to one decimal place as needed.) b1 = 0.9 (Round to one decimal place as needed.) c. Interpret the meaning of bo and b, in this problem. Choose the correct answer below. A. For each increase of 1 square foot in space, the monthly rent is expected to increase by b, dollars. Since X cannot be zero, bo has no practical interpretation. O B. For each increase of 1 square foot in space, the monthly rent is expected to increase by b, dollars. Apartments in this neighborhood cost at least bo dollars. O C. For each increase of 1 square foot in space, the monthly rent is expected to increase by bo dollars. Since X cannot be zero, b, has no practical interpretation. O D. For each increase of 1 square foot in space, the monthly rent is expected to increase by bo dollars. Apartments in this neighborhood cost at least b, dollars. d. Predict the mean monthly rent for an apartment that has 1,000 square feet. The predicted mean monthly rent for such an apartment is $ ( Round to the nearest cent as needed.) this View an example Get more help - Clear all Check