Question

The square footage and monthly rental of 10 rental of 10 similar one-bedroom apartments yield the linear regression y=0.775x+950.25, where x represents the square footage of the apartment and y represents the monthly rental price. Grace can afford $1,500 per month rent. Using the equation, what size apartment should she expect to be able to rent for that price? Explain work in a sentence. :)

Answer 1

Grace can expect to rent an apartment with a size of approximately 710.32 square feet for $1,500 per month based on the given linear regression equation.

Explanation:

The given linear regression equation is y=0.775x+950.25, where x represents the square footage of the apartment and y represents the monthly rental price. To find the size of the apartment Grace can expect to rent for $1,500 per month, we can substitute y with 1,500 in the equation and solve for x:

1,500 = 0.775x + 950.25

0.775x = 1,500 - 950.25

0.775x = 549.75

x = 710.32

Therefore, Grace can expect to rent an apartment with a size of approximately 710.32 square feet for $1,500 per month based on the given linear regression equation.