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(This problems in this lab all use the same data, a continuation from Lab #4.) A realtor collects data about the rental prices ofapartments in
(This problems in this lab all use the same data, a continuation from Lab #4.) A realtor collects data about the rental prices ofapartments in a neighborhood and their size measured in square feet. They nd that the apartments have an average size of 1000 square feet, with a standard deviation of 300 square feet. The apartments have an average rental price of $1500 per month, with a standard deviation of $400. The two variables have a correlation of r = 0.5. 1. Using regression, fill in the predicted rental price per month ofan apartment that is 1000 square feet: 5 700 square feet: S 1600 square feet: 5 2. The above predictions all are subject to error. The average size of such errors is about 5 and 95% of the predictions we make using regression will be correct to within about 5 . If we predicted rental price without taking size into account, the average size of the errors would be S and 95% of the predictions we make using regression will be correct to within about 5
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