13,9 An agent for a residential real estate company in a suburb located outside of Washington,DC, has the business objective of developing more accurate estimates of the monthly rental cost for apartments. Toward that 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 48 apartments in a particular residential neighborhood and collects the following data: Data for 13.9 Size (Square feet) Rent ($) 524 1110 616 1175 666 1190 830 1410 450 1210 550 1225 780 1480 815 1490 1070 1495 610 1680 835 1810 660 1625 590 1469 675 1395 744 1150 820 1140 912 1220 628 1434 645 1519 840 1105 800 1130 804 1250 950 1449 800 1168 787 1224 960 1391 750 1145 690 1093 840 1353 850 1530 965 1650 1060 665 1235 775 1550 960 1545 827 1583 655 1575 535 1310 625 1195 749 1200 634 1185 641 1444 860 1385 740 1275 593 1050 880 1650 895 1340 692 a. 1740 1560 Construct a scatter plot b. Use the least-squares method to determine the regression coefficients b0 and b1 c. Interpret the meaning of b0 and b1 in this problem. d. Predict the monthly rent for an apartment that has 800 square feet. e. Why would it not be appropriate to use the model to predict the monthly rent for apartments that have 1500 square feet? f. Your friends Jim and Jennifer are considering signing a lease for an apartment in this residential neighborhood. They are trying to decide between two apartments, one with 800 square feet for a monthly rent of $1130 and the other with 830 square feet for a monthly rent of $1410. Based on (a) through (d), which apartment do you think is a better deal