Asked by Nicky Huesca on May 19, 2024
Verified
The square footage and monthly rental of 10 similar one-bedroom apartments yield the linear regression y = 0.704x + 985.83 where x represents the square footage of the apartment and y represents the monthly rental price.Grace can afford $1,700 per month for rent.What size apartment should she be able to rent for that price?
Linear Regression
A statistical method used for modeling the relationship between a dependent variable and one or more independent variables by fitting a linear equation to observed data.
Monthly Rental
The amount of money paid periodically (typically monthly) by a tenant to a landlord for the use of a property or space.
Square Footage
Indicates how much floor space is available in a living space.
- Apply linear regression analysis to estimate rental prices or property values based on variable inputs.
Verified Answer
Grace should expect to find an apartment that is 1,014 square feet.
Learning Objectives
- Apply linear regression analysis to estimate rental prices or property values based on variable inputs.
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