Property value. A paper was presented at the Second International Conference on Innovative Mechanisms for Industry Applications (ICIMIA), 2020, discussing the sale price of houses in metropolitan cities like Bengaluru in India. One of the objectives of the paper was to predict the value (in million rupees) of a property in Bengaluru based on its size (in square feet).

a. Identify the dependent and independent variables in the above study.

b. Explain why a probabilistic model is more appropriate than a deterministic model.

c. Write the equation of the straight-line, probabilistic model