Please explain your answer clearly and provide detailed analysis. Please show all steps. Estimated regression in activity 1 is shown above

For this hedonic data set, the following variables are measured: 1- Each residential house has been identified with (ID). 2- Price of the residential housing (VALUE), measured in thousands of Canadian dollars. 3- Area of the house as lot size (LOT), measured in acres. 4- Time of the year that the house was sold, (QUARTER). (QUARTER = 1 denotes the first quarter (Winter); QUARTER = 2 denotes the second quarter (Spring); QUARTER = 3 denotes the third quarter (Summer); and QUARTER = 4 denotes the fourth quarter (Fall)]. Moreover, to augment LOT with the purpose of debunking more of the omitted variables, we need to construct a multiple linear regression (question 10), with four (4) additional regressors, namely: 5- Number of bedrooms (BDRM), measured in units. 6- Number of bathrooms (BTHRM), measured in units. 7- Number of parking spaces in the driveway (DRIVEWAY), measured in units. 8- A binary (dummy) variable representing the house's basements (BSMT; BSMT=1 if the house has basement and BSMT=0 if the house does not have basement). const LOT Coefficient 597,865 30,8658 Std. Error 7,72837 4,64595 t-ratio 77,36 6,644 p-value