Question

This scatterplot and regression line below show the relationship between the average rent for a 1-bedroom apartment in New York and the number of years after the year 2000. The fitted line has a y-intercept of 800. What is the best interpretation of this y-intercept?

Answer 1

Answer: That the average price of a 1-bedroom apartment in New York in the year 2000 was around $800.

Step-by-step explanation:

In this case, x represents the number of years after the year 2000.

Then we can think that x = 0, represents the year 2000 itself.

Now, remember that the y-intercept is the value of y when we have x = 0.

Then the y-intercept gives information about the average price of a 1-bedroom apartment in the year 2000.

The information that we can conclude with this is that the average price of a 1-bedroom apartment in New York in the year 2000 was around $800.