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Regression Basics Essay

461 words - 2 pages

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A real estate company in downtown Miami would like to be able to predict the monthly rental cost for apartments, based on the size of the apartment, as defined by square footage. A sample of 25 apartments in a particular residential neighborhood was chosen. Q-2a: Construct a scatter plot of rent/size. Q-2b: Find the equation of the least squares regression line ...view middle of the document...

You are deciding between two apartments, one with 1,000 square feet that rents for $1,275 and the other with 1,200 square fee that rents for $1,425. Which is a better deal? Explain.

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Q-2a

Rent vs. Size
2500 2000 Rent in $ 1500 1000 500 0 0 500 1000 1500 2000 2500 Size in sq. feet y = 1.0651x + 177.12 R² = 0.7226

Q-2b Regression equation = (slope) (x) + (y-intercept) = (1.0651) (x) + (177.12) The slope is 1.0651. This means the rent increases by $1.07 for every sq. foot increase in size Q-2c Regression equation = (slope) (x) + (y-intercept) = (1.0651) (1000) + (177.12) = $1,242.22 According to the data provided, the monthly rent for a 1,000 square feet is $1,242.22 Q-2d

It would not be appropriate to use the model to predict the monthly rent for apartments that have 500 square feet because the smallest apartment from the data provided is 700 square feet; 200 square feet is a significant difference .
Q-2d According to data Regression equation Apartment # 1 when x = 1,000 sqft, y = $1,275 (slope) (x) + (y-intercept) (1.0651) (1000) + (177.12) $1,242.22 $32.78 Apartment # 2 when x = 1,200 sqft, y = $1,425 (slope) (x) + (y-intercept) (1.0651) (1200) + (177.12) $1,455.24 -$30.24

Difference

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On Apartment # 1 the offered rent is higher than the predicted value. On Apartment # 2 the offered rent is lower than the predicted value. Apartment # 2 is a better deal.

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