Question

In: Statistics and Probability

Selling Price Square Footage No. of Bedrooms Age of Condo 64000 1670 2 30 59000 1339...

Selling Price

Square Footage

No. of Bedrooms

Age of Condo

64000

1670

2

30

59000

1339

2

25

61500

1712

3

30

79000

1840

3

40

87500

2300

3

18

92500

2234

3

30

95000

2311

3

19

113000

2377

3

7

115000

2736

4

10

138000

2500

3

1

142500

2500

4

3

144000

2479

3

3

145000

2400

3

1

147500

3124

4

0

144000

2500

3

2

155500

4062

4

10

165000

2854

3

3

State the hypotheses to be tested

Run the appropriate regression test

Write the regression model equation

What is the strength of the relationship?

Using the equation, predict the price of a Coop Apartment with 2640 sq feet, 2 bedrooms and is 2 years old.

Interpret b3 in your equation from part c

Solutions

Expert Solution

predicted price is 142939.6

interlretation of b3 is -1712

Coefficient b3 (beta3) is average change in y (selling price) for one unit change in x3 (age of conda) provided we hold x1 and X2 fixed.

orchestra answered 1 year ago
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