A regression model from the collection of houses in Exercise 15 shows the following: Variable Coeff SE(Coeff)

Question:

A regression model from the collection of houses in Exercise 15 shows the following:

Variable Coeff SE(Coeff) t-ratio P-value Intercept 217854.85 4197.417 51.90 .0001 Age 1754.254 127.3356 13.78 .0001

(Age-38.5122)2 20.401223 1.327713 15.37 .0001

a) The slope of Age is negative. Does this indicate that older houses cost less, on average? Explain.

b) Why did the model subtract 38.5122 from Age in the quadratic term?

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