The cost of building a supermarket is related to the total, Microeconomics

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The cost of building a supermarket is related to the total

Question: The cost of building a supermarket is related to the total area of the building. Data for the last 10 supermarkets built for Regork, Inc., are shown in the accompanying table.

a. Develop a CER for the construction of supermarkets. Use the CER to estimate the cost of Regork's next store, which has a planned area of 23,000 square feet.

b. Compute the standard error and correlation coefficient for the CER developed in Part (a).

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Microeconomics: The cost of building a supermarket is related to the total

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