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Carry out the following correlation and regression analysis using the dataset of Size of the Houses/Apartments/Flats and Rent of the Houses/Apartments/Flats. 1. Use Excel to
Carry out the following correlation and regression analysis using the dataset of Size of the Houses/Apartments/Flats and Rent of the Houses/Apartments/Flats. 1. Use Excel to generate a scatterplot of Size of the Houses/Apartments/Flats and Rent of the Houses/Apartments/Flats. Add a trend line and display its equation and coefficient of determination to the scatter plot. Briefly explain the graph. [6 marks] 2. Use Excel to generate a summary output for regression analysis. From the output, determine the regression equation. [3 marks] 3. Interpret the results from Q2 above by explaining the following values: [9marks] the value of y-intercept the slope the coefficient of correlation value the coefficient of determination value Units must be specified clearly in the report (marks will be deducted otherwise) 4. Would you recommend using the regression equation to predict the Rent of the Houses/Apartments/Flats? Explain your reasons. How reliable is this prediction? [2 marks]Housing in India varies from palaces of erstwhile maharajas to modern apartment buildings in big cities to tiny huts in far-flung villages. There has been tremendous growth in India's housing sector as incomes have risen. The Human Rights Measurement Initiative finds that India is doing 60.9% of what should be possible at its level of income for the right to housing. Renting, also known as hiring or letting, is an agreement where a payment is made for the temporary use of a good, service, or property owned by another. A gross lease is when the tenant pays a flat rental amount, and the landlord pays for all property charges regularly incurred by the ownership. Renting can be an example of the sharing economy. BHK: Number of Bedrooms, Hall, Kitchen. Rent: Rent of the Houses/Apartments/Flats in Lakh. Size: Size of the Houses/Apartments/Flats in Square Feet. Floor: Houses/Apartments/Flats situated in which Floor and Total Number of Floors (Example: Ground out of 2, 3 out of 5, etc.) City: City where the Houses/Apartments/Flats are Located. Furnishing Status: Furnishing Status of the Houses/Apartments/Flats, either it is Furnished or Semi-Furnished or Unfurnished. Tenant Preferred: Type of Tenant Preferred by the Owner or Agent. Bathroom: Number of Bathrooms
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