Question
The regression model for the house price (variable Price in $) on the area of the house (variable area, sq. m.), the number of rooms
The regression model for the house price (variable Price in $) on the area of the house (variable area, sq. m.), the number of rooms (variable rooms), the area of the land (variable land, sq. m.), the number of bathrooms (variable, baths) and the age of the house (variable age in years) was evaluated. Sample size is equal to 321 and significance level is 5%. (a) Interpret the significant coefficients. (b) Test the overall significance of the model. (c) Estimate price of the 10 year old house which area is 150 square meters, the land area is 100 sq.m., there are 5 rooms and 2 bathrooms.
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