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In: Statistics and Probability

A real estate expert wanted to find the relationship between the sale price of houses and...

A real estate expert wanted to find the relationship between the sale price of houses and various characteristics of the houses. He collected data on five variables, recorded in the table, for 12 houses that were sold recently. The five variables arePrice: Sale price of a house in thousands of dollars. Lot Size: Size of the lot in acres. Living Area: Living area in square feet. Age: Age of a house in years. Type of house: town house (T) or Villa (V) Price Lot Size Living Area Age Type of house

Price 255 178 263 127 305 164 245 146 287 189 211 123

Lot Size1.4 0.9 1.8 0.7 2.6 1.2 2.1 1.1 2.8 1.6 1.7 0.5

Living area 2500 2250 2900 1800 3200 2400 2700 2050 2850 2600 2300 1700

Age 8 12 5 24 10 18 9 28 13 9 8 11

Type of the house T T T T T T T V V V V V

Find the regression equation for the town house e) Find the regression equation for the Villa f) What is the price of a town house with a lot size of 1.3, living area of 1800, and is 7 years old?

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orchestra answered 1 year ago
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