Many variables have an impact on determining the price of a house. A few of these are
Question:
a) Write the regression equation.
b) How much of the variation in home asking prices is accounted for by the model?
c) Explain in context what the coefficient of Area means.
d) The owner of a construction firm, upon seeing this model, objects because the model says that the number of bathrooms has no effect on the price of the home. He says that when he adds another bathroom, it increases the value. Is it true that the number of bathrooms is unrelated to house price?
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Related Book For
Business Statistics
ISBN: 9780321925831
3rd Edition
Authors: Norean Sharpe, Richard Veaux, Paul Velleman
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