Question: 7. Consider a 2000 square foot house with a 9000 square foot lot. Find its predicted price using both the linear and double-log models. Show
7. Consider a 2000 square foot house with a 9000 square foot lot. Find its predicted price using both the linear and double-log models. Show your calculations. a) Linear model: Price = 10,307.7 ... b) Double-log model: Note - use Excel to calculate natural logs. Excel: "=ln(2000)" returns 7.6001; . "=ln(9000)" will return 9.1049 Given a natural log, use the exponent function to find the antilog, e.g. Excel: "=exp(9.1)" returns 8955. l_price = 5.462
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