A realtor is interested in assessing the impact of size
A realtor is interested in assessing the impact of size (in square feet) and distance from the center of town (in miles) on the value of homes (in thousands of dollars) in a certain area. Nine randomly chosen houses are selected; data are as follows.
Y (value): 345, 238, 452, 422, 328, 375, 660, 466, 290
X1 (size): 1,650, 1,870, 2,230, 1,740, 1,900, 2,000, 3,200, 1,860, 1,230
X2 (distance): 3.5, 0.5, 1.5, 4.5, 1.8, 0.1, 3.4, 3.0, 1.0
Compute the estimated regression coefficients, and explain their meaning.
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