Question: A house in the upstate New York area from which the chapter data was drawn has 2 bedrooms and 1000 square feet of living area.

A house in the upstate New York area from which the chapter data was drawn has 2 bedrooms and 1000 square feet of living area. Using the multiple regression model found in the chapter,
Price = 20,986.09 - 7483.10Bedrooms + 93.84Living Area.
a) Find the price that this model estimates.
b) The house just sold for $135,000. Find the residual corresponding to this house.
c) What does that residual say about this transaction?

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