Data file XR16056 lists the following information for a sample of local homes sold recently: selling price (dollars), lot size (acres), living area (square feet), and whether the home is air conditioned (1 = A / C, 0 = no A / C).
a. Determine the multiple regression equation and interpret the partial regression coefficients.
b. What is the estimated selling price for a house sitting on a 0.9-acre lot, with 1800 square feet of living area and central air conditioning?
c. Determine the 95% prediction interval for the selling price of the house described in part (b).
d. Determine the 95% confidence interval for the mean selling price of all houses like the one described in part (b).
e. Determine the 95% confidence interval for the population partial regression coefficients, β1, β2, and β3.
f. Interpret the significance tests in the computer printout.
g. Analyze the residuals. Does the analysis support the applicability of the multiple regression model to these data?