Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A Realtor is analyzing the relationship between the sale price of a home (Price in $), its square footage (Sqft), the number of bedrooms (Beds),

A Realtor is analyzing the relationship between the sale price of a home (Price in $), its square footage (Sqft), the number of bedrooms (Beds), the number of bathrooms (Baths), and Style (Colonial or Non-colonial). Use the Style variable to create a Colonial dummy variable that equals 1 for colonial, 0 otherwise. The accompanying data file shows information on 36 recent home sales.

a. Estimate the model: Price = 0 + 1Sqft + 2Beds + 3Baths + 4Colonial + .

b-1. Interpret the coefficient of Beds.

b-2. Interpret the coefficient of Colonial

c. Predict the price of a 2,500-square-foot, colonial-style home with three bedrooms and two bathrooms.

Price: $840,000, $822,000, $713,000, $689,000, $685,000, $645,000, $625,000, $620,000, $587,500, $585,000, $583,000, $569,000, $546,000, $540,000, $537,000, $516,000, $511,000, $510,000, $495,000, $463,000, $457,000, $451,000, $435,000, $431,700, $414,000, $401,500, $399,000, $380,000, $380,000, $375,900, $372,000, $367,500, $356,500, $330,000, $330,000, $307,500

Sqft: 2768, 2500, 2400, 2200, 2716, 2524, 2732, 2436, 2100, 1947, 2224, 3262, 1792, 1488, 2907, 1951, 1752, 1727, 1692, 1714, 1650, 1685, 1500, 1896, 1182, 1152, 1383, 1344, 1272, 2275, 1005, 1272, 1431, 1362, 1465, 850.

Beds: 4, 4, 3, 3, 3, 3, 4, 4, 3, 3, 3, 4, 3, 3, 3, 4, 3, 3, 3, 3, 3, 3, 3, 2, 2, 3, 4, 4, 3, 5, 2, 3, 2, 3, 3, 1, 2.

Baths: 3.5, 2.5, 3, 2.5, 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, 2, 1.5, 1.5, 1.5, 1, 2, 1, 1, 1, 1, 2, 1, 1, 1, 1, 1.

Style: Colonial, Colonial, Colonial, Colonial, Colonial, Colonial, Non-colonial, Colonial, Colonial, Colonial, Colonial, Non-colonial, Non-colonial, Non-colonial, Non-colonial, Colonial, Colonial, Colonial, Non-colonial, Non-colonial, Non-colonial, Non-colonial, Colonial, Non-colonial, Non-colonial, Non-colonial, Non-colonial, Non-colonial, Non-colonial, Non-colonial, Non-colonial, Non-colonial, Colonial, Non-colonial, Non-colonial, Non-colonial, Non-colonial.

"Provide me with all the excel functions and provide me with all the work done for this question

EX: alpha, labels, x and y data?"

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

A First Course in Differential Equations with Modeling Applications

Authors: Dennis G. Zill

10th edition

978-1111827052

More Books

Students also viewed these Mathematics questions

Question

Write a paper about medication error system 2016.

Answered: 1 week ago