Return to the housing price model of Section 1.5 and consider the following equation: where: SIZE i
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Return to the housing price model of Section 1.5 and consider the following equation:
where: SIZEi = the size (in square feet) of the ith house
PRICEi = the price (in thousands of $) of that house
a. Carefully explain the meaning of each of the estimated regression coefficients.
b. Suppose you’re told that this equation explains a significant portion (more than 80 percent) of the variation in the size of a house. Have we shown that high housing prices cause houses to be large? If not, what have we shown?
c. What do you think would happen to the estimated coefficients of this equation if we had measured the price variable in dollars instead of in thousands of dollars? Be specific.
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