In: Statistics and Probability
A realtor in Arlington, Massachusetts, is analyzing the relationship between the sale price of a home (Price in $), its square footage (Sqft), the number of bedrooms (Beds), and the number of bathrooms (Baths). She collects data on 36 sales in Arlington in the first quarter of 2009 for the analysis. A portion of the data is shown in the accompanying table.
Price | Sqft | Beds | Baths |
672000 | 2214 | 4 | 2.0 |
758769 | 2308 | 5 | 1.0 |
831833 | 2800 | 4 | 3.0 |
689000 | 2200 | 3 | 2.5 |
685000 | 2716 | 3 | 3.5 |
645000 | 2524 | 3 | 2.0 |
625000 | 2732 | 4 | 2.5 |
620000 | 2436 | 4 | 3.5 |
783333 | 2800 | 4 | 2.0 |
585000 | 1947 | 3 | 1.5 |
583000 | 2224 | 3 | 2.5 |
379333 | 2175 | 3 | 1.0 |
546000 | 1792 | 3 | 2.0 |
780000 | 2149 | 4 | 2.5 |
732273 | 3964 | 4 | 3.5 |
344000 | 1301 | 3 | 1.0 |
511000 | 1752 | 3 | 1.5 |
714000 | 2418 | 4 | 3.0 |
693000 | 2369 | 4 | 3.0 |
648200 | 2400 | 4 | 3.0 |
639800 | 2310 | 4 | 3.0 |
451000 | 1685 | 3 | 2.0 |
628333 | 2167 | 4 | 2.5 |
431700 | 1896 | 2 | 1.5 |
414000 | 1182 | 2 | 1.5 |
602250 | 1728 | 4 | 2.0 |
478800 | 1660 | 4 | 2.0 |
380000 | 1344 | 4 | 2.0 |
475000 | 1590 | 3 | 2.0 |
375900 | 2275 | 5 | 1.0 |
372000 | 1005 | 2 | 1.0 |
459375 | 1590 | 3 | 2.0 |
356500 | 1431 | 2 | 2.0 |
412500 | 1703 | 3 | 2.0 |
412500 | 1831 | 3 | 2.0 |
307500 | 850 | 1 | 1.0 |
a. Estimate the model Price = β0 + β1Sqft + β2Beds + β3Baths + ε. (Round Coefficients to 2 decimal places.)
Intercept. Coefficients for each?
Sqft
Beds
Baths
b. Predict the price of a 2,112 square-foot home with two bedrooms and one bathrooms. (Round coefficient estimates to at least 4 decimal places and final answer to the nearest whole number.)
$___?