The following regression equation examines the relationship between house prices (in dollars) and the number of parks in a city. 5. Houseprice - 600,000 + 9,000 * numberparks Interpret the coefficient on the number of parks. What is the predicted house price in a city with 30 parks? In a city with 50 parks? How many parks would there need to be in a city in order for the predicted house price to be 1,280,300 dollars? Suppose that a house in a town with 41 parks sells for 710,000 dollars. What is the error in the predicted house price? New York City has 1,700 parks. What is the predicted house price in NY? Do you think this is reasonable? If no, explain the shortcoming of the regression. a. b. c. d. e. You decide that a more reasonable regression would have the number of parks per 1,000 households (4 people) (HHs). You get the following result. Houseprice - 510,000 + 53,100 * parksper1000HHs f. g. h. Interpret the coefficient on parks per thousand HHs. What is the predicted house price in a city with 30 parks and 20,000 households? What is the predicted house price in New York if there are 1,700 parks and 8 million people? Now you regress the natural log of house price on parks per thousand households. In (Houseprice) 14.2 +0.7 parkper1000HHs i. Interpret the coefficient on parks per thousand HHs What is the expected change in house price if parks per thousand increases from 1 to 1.5