15. FILE Arlington. A Realtor in Arlington, Massachusetts, is analyzing the relationship between the sale price of a home (Price in S), its square footage (Sqft), the number of bedrooms (Beds), the number of bathrooms (Baths), and a Colonial dummy variable (Colonial equals 1 if a colonial-style home, 0 otherwise). She collects data on 36 sales in Arlington for the analysis. A portion of the data is shown in the accompanying table. a. Estimate the model: Price type your answer.... type your answer... Colonial 4 points Chapter 6 Question 15 type your answer..... Sqft type your answer.... Beds type your answer... b. Interpret the coefficients attached to Beds and Colonial. Beds Coefficient: For each additional bedroom in a house, the average predicted price of a house increases by $ type your answer... constant, Colonial Coefficient: The home price of a colonial style house is, on average, $ 3157 variables constant. Baths- holding all other variables less than non-Colonial style house, holding all other A 1 Price 2 840000 Sqft 2768 3 822000 2500 4 713000 2400 5 689000 2200 6 685000 2716 7 645000 2524 8 625000 2732 2436 2100 1947 9 620000 10 587500 11 585000 12 583000 13 569000 B 14 546000 15 540000 16 537000 17 516000 18 511000 19 510000 2224 3262 1792 1488 2907 1951 1752 1727 20 495000 1692 21 463000 1714 22 457000 1650 23 451000 1685 24 435000 1500 25 431700 1896 26 414000 1182 27 401500 1152 28 399000 1383 29 380000 1344 30 380000 1272 31 375900 2275 32 372000 1005 33 367500 1272 34 356500 1431 35 330000 1362 36 330000 1465 37 307500 850 38 Beds 4 4 33 3 3 4 4 3 3 3 4 3 3 3 4 3 3 3 3 3 ww 3 3 2 2 3 4 4 3 5 2 3 2 3 3 31 1 C Baths 3.5 2.5 3 ~ 3 2.5 55 3.5 2 2.5 3.5 1.5 1.5 2.5 2 2 1.5 2.5 2 1.5 2 2 2 2 2 1.5 1.5 1.5 1 NHH 1 2 1 1 1 1 2 1 1 D 1 Col 1 1 1 1 1 1 0 1 1 1 1 0 0 0 0 1 1 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 OOO E K c. Predict the price of a 2,500-square-foot, colonial-style home with three bedrooms and two bathrooms. The price of a 2,500-square-foot, colonial-style home with three bedrooms and two bathrooms is $ 599914