The cost of building a supermarket is related to the total area of the building. Data for the last 10 supermarkets built for Regork, Inc., are shown in the accompanying table.

a. Develop a CER for the construction of supermarkets. Use the CER to estimate the cost of Regork's next store, which has a planned area of 23,000 square feet.
b. Compute the standard error and correlation coefficient for the CER developed in Part (a).

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Building Area (ft2) Cost (5) 14,500 800,000 5,000 825,000 17,000 875,000 18,500 972,000 20,400 1,074,000 21,000 1,250,000 25,000 1,307,00 26,750 1,534,000 28,000 1,475,500 30,000 1,525,000 10