REGRESSION ANALYSIS

The local government of Jakarta City would like to estimate the price of a house based on certain criterions as presented in the following data. The data include the appraised value in thousand US $, land area of the property in acres, and age in years, for a sample of 30 single-family homes located in Jakarta City. Please help them by developing a multiple linear regression model to predict appraised value based on land area of the property and age.

Appraised Land Appraised Land Sample Value Age Area Sample Value Area Age (000 $) (acres) (years) (000 $) (acres) (years) 466.0 0.3297 26 16 288.4 0.3714 22 364.0 0.1192 41 17 396.7 0.3849 24 429.0 0.3630 39 18 613.5 0.6545 26 548.4 0.3608 38 19 314.1 0.1722 52 405.9 0.2549 56 20 363.5 0.1435 68 374.1 0.1290 78 21 364.3 0.2755 21 315.0 0.3808 38 22 305.1 0.1148 87 749.7 0.5015 17 441.7 0.3636 35 217.7 0.2229 42 24 353.1 0.1474 71 10 635.7 0.3300 35 25 463.3 0.4281 20 11 350.7 0.2763 44 26 320.0 0.1626 62 455.0 0.4200 38 27 332.8 0.3889 34 13 356.2 0.2520 56 28 276.6 0.5228 24 14 271.7 0.3148 42 29 397.0 0.1492 44 15 304.3 0.2693 44 30 221.9 0.0852 84