Jonah has worked as an agent for rental properties in Cincinnati, Ohio, for almost 10 years. He
Question:
Jonah has worked as an agent for rental properties in Cincinnati, Ohio, for almost 10 years. He understands that the premium for additional bedrooms is more in larger as compared to smaller homes. Consider the monthly data on rent (Rent, in $) along with square footage (Sqft), number of bedrooms (Bed), and number of bathrooms (Bath). A portion of the data is shown in the accompanying table.
a. Estimate a regression model for monthly rent on the basis of Bed, Bath, Sqft, and the interaction between Bed and Sqft. Interpret the estimated coefficient of the interaction variable.
b. Predict the monthly rent of homes with a square footage of 1,600, 2 baths, and the number of bedrooms equal to 2, 3, and 4. Compute the incremental predicted rent as the number of bedrooms increases from 2 to 3 and 3 to 4.
c. Repeat the above analysis with a square footage of 2,400.
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a For larger homes the associated partial effect of the number of bedrooms increases For homes with ...View the full answer
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