15. FILE Arlington. A Realtor in Arlington, Massachusetts, is analyzing the relationship between the sale price...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
15. FILE Arlington. A Realtor in Arlington, Massachusetts, is analyzing the relationship between the sale price of a home (Price in S), its square footage (Sqft), the number of bedrooms (Beds), the number of bathrooms (Baths), and a Colonial dummy variable (Colonial equals 1 if a colonial-style home, 0 otherwise). She collects data on 36 sales in Arlington for the analysis. A portion of the data is shown in the accompanying table. a. Estimate the model: Price type your answer.... type your answer... Colonial 4 points Chapter 6 Question 15 type your answer..... Sqft type your answer.... Beds type your answer... b. Interpret the coefficients attached to Beds and Colonial. Beds Coefficient: For each additional bedroom in a house, the average predicted price of a house increases by $ type your answer... constant, Colonial Coefficient: The home price of a colonial style house is, on average, $ 3157 variables constant. Baths- holding all other variables less than non-Colonial style house, holding all other A 1 Price 2 840000 Sqft 2768 3 822000 2500 4 713000 2400 5 689000 2200 6 685000 2716 7 645000 2524 8 625000 2732 2436 2100 1947 9 620000 10 587500 11 585000 12 583000 13 569000 B 14 546000 15 540000 16 537000 17 516000 18 511000 19 510000 2224 3262 1792 1488 2907 1951 1752 1727 20 495000 1692 21 463000 1714 22 457000 1650 23 451000 1685 24 435000 1500 25 431700 1896 26 414000 1182 27 401500 1152 28 399000 1383 29 380000 1344 30 380000 1272 31 375900 2275 32 372000 1005 33 367500 1272 34 356500 1431 35 330000 1362 36 330000 1465 37 307500 850 38 Beds 4 4 33 3 3 4 4 3 3 3 4 3 3 3 4 3 3 3 3 3 ww 3 3 2 2 3 4 4 3 5 2 3 2 3 3 31 1 C Baths 3.5 2.5 3 ~ 3 2.5 55 3.5 2 2.5 3.5 1.5 1.5 2.5 2 2 1.5 2.5 2 1.5 2 2 2 2 2 1.5 1.5 1.5 1 NHH 1 2 1 1 1 1 2 1 1 D 1 Col 1 1 1 1 1 1 0 1 1 1 1 0 0 0 0 1 1 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 OOO E K c. Predict the price of a 2,500-square-foot, colonial-style home with three bedrooms and two bathrooms. The price of a 2,500-square-foot, colonial-style home with three bedrooms and two bathrooms is $ 599914 15. FILE Arlington. A Realtor in Arlington, Massachusetts, is analyzing the relationship between the sale price of a home (Price in S), its square footage (Sqft), the number of bedrooms (Beds), the number of bathrooms (Baths), and a Colonial dummy variable (Colonial equals 1 if a colonial-style home, 0 otherwise). She collects data on 36 sales in Arlington for the analysis. A portion of the data is shown in the accompanying table. a. Estimate the model: Price type your answer.... type your answer... Colonial 4 points Chapter 6 Question 15 type your answer..... Sqft type your answer.... Beds type your answer... b. Interpret the coefficients attached to Beds and Colonial. Beds Coefficient: For each additional bedroom in a house, the average predicted price of a house increases by $ type your answer... constant, Colonial Coefficient: The home price of a colonial style house is, on average, $ 3157 variables constant. Baths- holding all other variables less than non-Colonial style house, holding all other A 1 Price 2 840000 Sqft 2768 3 822000 2500 4 713000 2400 5 689000 2200 6 685000 2716 7 645000 2524 8 625000 2732 2436 2100 1947 9 620000 10 587500 11 585000 12 583000 13 569000 B 14 546000 15 540000 16 537000 17 516000 18 511000 19 510000 2224 3262 1792 1488 2907 1951 1752 1727 20 495000 1692 21 463000 1714 22 457000 1650 23 451000 1685 24 435000 1500 25 431700 1896 26 414000 1182 27 401500 1152 28 399000 1383 29 380000 1344 30 380000 1272 31 375900 2275 32 372000 1005 33 367500 1272 34 356500 1431 35 330000 1362 36 330000 1465 37 307500 850 38 Beds 4 4 33 3 3 4 4 3 3 3 4 3 3 3 4 3 3 3 3 3 ww 3 3 2 2 3 4 4 3 5 2 3 2 3 3 31 1 C Baths 3.5 2.5 3 ~ 3 2.5 55 3.5 2 2.5 3.5 1.5 1.5 2.5 2 2 1.5 2.5 2 1.5 2 2 2 2 2 1.5 1.5 1.5 1 NHH 1 2 1 1 1 1 2 1 1 D 1 Col 1 1 1 1 1 1 0 1 1 1 1 0 0 0 0 1 1 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 OOO E K c. Predict the price of a 2,500-square-foot, colonial-style home with three bedrooms and two bathrooms. The price of a 2,500-square-foot, colonial-style home with three bedrooms and two bathrooms is $ 599914
Expert Answer:
Answer rating: 100% (QA)
Solutions Step 1 Here we will be discussing the description of the problem statement in detail In the problem statement the problem is mainly focussed ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these programming questions
-
Problem #5: The attic space of a home contains a water heater having a capacity of 55 gallons and a tank diameter of 2 ft. For maintenance purposes, the tank must be drained of water once a year. To...
-
Write a program to Print all permutations of String in java?
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
Arvind runs a small electronics company in India and has just sold some equipment to a U.S. company for $1 million to be paid in 90 days. His cost in Indian Rupees (INR) is 60 million. The current...
-
Explain why some people experience nose bleeding and some others experience shortness of breath at high elevations.
-
Compare the levels of dynamic impedance for the 24-V diode of Fig. 1.48b at current levels of 0.2, 1, and 10 mA. How do the results relate to the shape of the characteristics in this region?
-
Under appropriate conditions, water flowing from a faucet, onto a flat plate, and over the edge of the plate can produce a circular hydraulic jump as shown in Fig. P10.77 and Video V10.12. Consider a...
-
Strong Welding Equipment Company produces and sells welding equipment nationally and internationally. Following is information about two divisions. REQUIRED A. Calculate each divisions ROI. B....
-
Explain the importance of thermodynamic modeling in process simulation. How do advanced equations of state, like the Peng-Robinson or Soave-Redlich-Kwong models, influence the prediction of phase...
-
Angela Green, an investment manager at Horizon Investments, intends to hire a new investment analyst. After conducting initial interviews, Green has narrowed the pool to three candidates. She plans...
-
Calculate [H3O+] and [OH?] for each of the following solutions at 25 ?C given the pH. Part A pH = 8.58 Part B pH = 11.21 Part C pH = 2.92 Item 16 Review | Constants | Periodic Table Calculate [HO+]...
-
Solve the following equation. (x-5) (x+4)= -2x x
-
Ink Technology s Work in Process Inventory account has a beginning balance of $ 5 0 , 0 0 0 and an ending balance of $ 4 0 , 0 0 0 . Direct materials used are $ 7 0 , 0 0 0 and direct labor incurred...
-
This is a multipart problem. Students must complete each part to receive full credit. Also, students must detail all steps and calculations. Zero credit will be awarded if you do not detail all of...
-
Willie Company's retained earnings increased $ 6 0 , 0 0 0 during 2 0 1 6 . What was Willie's 2 0 1 6 net income or loss given that Willie declared $ 7 5 , 0 0 0 of dividends during 2 0 1 6 ?
-
Chris, age 30, contributed $3,000 to a Roth IRA three years ago before withdrawing $4,000 to pay for his tuition to an MBA program this year. How much of the $4,000 will he need to report as ordinary...
-
B Q = -3.4C Q = + 9.1 C A
-
Cobb Manufacturing Company uses a process cost system and average costing. The following production data is for the month of June 2011. Production Costs Work in process, beginning of the month:...
-
Abigail (Abby) Boxer is a single mother working as a civilian accountant for the U.S. Army. Her Social Security number is 676-73-3311 and she lives at 3456 Alamo Way, San Antonio, TX 78249. Helen,...
-
For each of the following situations, indicate whether the taxpayer(s) is (are) required to file a tax return for 2012. Explain your answer. a. Helen is a single taxpayer with interest income in 2012...
-
In June of 2012, Maureen's house is vandalized during a long-term power failure after a hurricane hit the city. The president of the United States declares Maureen's city a disaster area as a result...
-
For each of the following sets of numbers, calculate a \(95 \%\) confidence interval for the mean ( \(\sigma\) known); before going through the steps in calculating the confidence interval, the...
-
Consider a 3 -year \(10 \%\) coupon bond. The underlying short rate of interest follows a lattice with initial value of \(R=1.15\) and then has an factor of 1.02 , a down factor of .99 , and...
-
Using the density function of the stopping time probability for a fixed \(\lambda\), find the average time to the first event over the entire interval \([0, \infty)\).
Study smarter with the SolutionInn App